Director of the International Monetary Fund African Department, Mr. Abebe Aemro Selassie (L) meets President John Pombe Magufuli at State House in Dar es Salaam May 6, 2019
By TZ Business News Staff.
Director of the International Monetary Fund African Department, Mr. Abebe Aemro Selassie has met President John Pombe Magufuli of Tanzania at State House in Dar es Salaam and a deal has been struck to review the IMF’s controversial 2019 Tanzania economic growth projections.
The IMF said in an earlier report Tanzania’s economy would grow at 4 percent in 2019 then accelerate slightly to 4.2 percent next year, down from an estimated 6.6 percent in 2018.
The negative growth report linked to unpredictable policies created uproar in the country, with the government describing it as IMF’s unilateral view missing the Tanzania Government input. The Minister of Finance and Economic Planning, Dr. Philip Mpango told Parliament in Dodoma talks were in progress meant to lead to a review.
Mr. Abebe Aemro Selassie asked to meet President Magufuli and the two met at State House in Dar es Salaam on 06 May, 2019, Gerson Msigwa, Director of Presidential Communications has said in a press statement.
It has been agreed the IMF Director at the Africa Desk will send a delegation of experts to meet their counterparts from the Ministry of Finance and Economic Planning “to review all the areas of economic growth identified by the IMF and those identified by the Tanzania government.”
IMF delegation in group picture with Tanzania Government Officials at State House
Msigwa has quoted Dr. Mpango, Minister of Finance and Economic Planning as stating that the Government will identify areas which should be included in the report such as the ongoing large projects.
“For an economy to grow you must invest; and fortunately the President told his guest how we are investing in infrastructure—in particular construction of the central railway line, how we are constructing a large dam which will give us 2,100 Megawatts of electricity as well as road projects, the many industries being built– these are what grows the economy; and we believe our colleagues did not put these into consideration,” Msigwa has quoted Dr. Mpango as saying.
The Minister of Foreign Affairs and International Co-operation, Prof. Palamagamba Kabudi said fortunately Tanzania was still attractive to Foreign Investors who were still coming in to invest.
