First Mining Drc-Zambia March -April 2020 digital edition First Mining Drc-Zambia March - April 2020 digital | Page 42
Tanzania’s significant Legal Reforms have been
recognised by the International Monetary Fund
T
anzania’s GDP has increased
significantly as a result of the
prominent reforms passed by the
government across the Mining, Land
and Finance sectors. These reforms
have had a significant positive impact on
keeping inflation at bay and stabilising
the exchange rate. The Tanzanian
government has similarly been extremely
effective at adhering to the tax collection
target that has been fulfilled to 96%.
The International Monetary Fund rarely
recognises developing countries for
such significant improvements in the
regulatory space and Tanzania has been
one of the very few to recently received
this level of recognition. The IMF
continues to monitor the improvements
and is now supporting the country in
working on additional economic reforms.
Over the past few months Tanzania’s
economy has observed increased
activity on various fronts, including a
significant improvement in exports,
public investment and availability of credit
for the private sector. However, despite
the obvious progress on the economic
front, the IMF team leader Enrique
Gelbard is convinced that additional tax
reforms should be introduced to maintain
the necessary level of economic
stability. Discussion to pass another
set of reforms has been carried out in
consultation with the Tanzanian Minister
of Finance and Planning, Hon. Philip
Mpango and the governor of the Bank of
Tanzania, Professor Florence Luoga as
well as additional high-level government
decision-makers.
According to the IMF, these reforms,
along with the well-defined set of
polices will be critical for maximising
private sector investment into Tanzania.
To complement increased on public
investment projects, the government
is planning on removing all restrictive
regulations to enhance the country’s
business climate.
The improved availability of funding and
lower cost of borrowing should result in
much needed positive implications for
Tanzania’s mining sector. The country
remains determined to follow IMF
guidelines and maintain high levels of
economic stability to set itself on the
path of renewed economic development.
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Oxylance..........................................................................................30
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Wurth ..............................................................................................25
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