National debt grows at $60m per month: BoT

BoT HQ

Tanzania’s national debt continued to grow with an increase of USD59.5 million (95.2bn/-) in only a month, according to the Bank of Tanzania report.

The debt increased to $12.6 billion (20.1trn/-) at the end of November 2011 up from $12.5 billion (20 trn/-) at the end of October, the same year.

The BoT says out of a total debt stock, external debt accounted for 78.9 per cent which is equivalent to Sh15.9 trillion while the domestic debt accounted for 21.1 per cent (4.2trn/-).

According to BoT, the external debt decrease is a result of the fluctuation of the  exchange rate during the month under review.  The debt is greater than the Sh13.5 trillion national current budget. If shared equally by over 43 million Tanzanians, each would receive about 47,000/-. 

“A profile by use  shows that a large proportion of the debt was utilised in: balance of payments and budget support, followed by social welfare and education, and transport and telecommunication,” reveals the report.

Source: the citizen,www.thecitizen.co.tz, reported by Veneranda Sumila

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