She has stated that this has everything to do with the recent demonstrations, which have made foreign lenders reconsider giving the Tanzanian government money like before.
The President has also admitted that her government's main source of income has been these loans, due to Tanzania's limited resources and inability to be self reliant.
"We have limited resources and are reliant on foreign loans. The recent happenings have stained us and made acquiring these loans tough," she said on Tuesday.
She stated that this leaves Tanzania with only one option, which is to come up with ways of maximizing on its resources and making it's own money internally.
She has added that they will also come up with projects, in a bid to woo foreign investors.
The protests erupted on October 29, after her government opted to continue with election plans in defiance to electoral reforms demands.
2 Comments
Good lesson for Africans country to learn. Despite Africa being very rich leaders unable to convert Naturalr esources into money. They only think of increasing taxes which eventually make things very difficult due to collapsing businesses.
ReplyDeleteLeaders kindly understand the meaning of Democracy and nurture it for peoples well being and improvement economy.
I actually don't know how we end up with leaders who have no clue on how to create wealth but only have plans to increase public debt. Africa being the wealthiest continent with a vast mineral deposits and oil fields, still depends on borrowing while the European nations and the Arab world steal our resources.
ReplyDelete