#NEWS: Vice President, Dr. Philip Mpango, has said Tanzania's success in developing major infrastructure is due to effective management of domestic revenue, collaboration with the private sector as well as the strengthening of capital and bond markets.
He made the statement during a discussion by senior leaders on the effective use of Africa's resources at the annual meeting of the Board of Governors of the African Development Bank (AfDB) held in Abidjan, Ivory Coast.
Dr. Mpango said the development of infrastructure in the country, including the construction of a modern railway (SGR) and strategic highways, is a result of the Government's commitment to increasing domestic revenue through modern tax systems, expanding the capital market, and effectively using institutions such as social security funds and international financial institutions, emphasizing that these projects aim to connect Tanzania with neighboring countries to strengthen regional trade.
The Vice President further explained the steps taken by the Government to strengthen tax collection, including the use of electronic systems, the establishment of the Taxpayers' Grievance Redressal Office, and better management of government bonds. He noted that these efforts have helped reduce dependence on foreign aid and increase the country's ability to finance its development.
He explained that Tanzania has also invested in energy projects to stimulate economic development, citing the Julius Nyerere Dam project that will generate 2115 megawatts, as well as natural gas and geothermal energy projects that will generate 500 megawatts. This investment gives Tanzania the ability to serve other important sectors such as industry and agriculture.
#ITVDigital #ITVUpdates #ITVTanzania.
#Follow @radioonetanzania
