The World Bank has praised Tanzania for its effective management of the country's economy, calling it a model for other African nations, despite the global economic challenges it faces.
The acknowledgment comes as a result of Tanzania's resilience in maintaining economic stability even in the face of global disruptions, including the COVID-19 pandemic and geopolitical tensions.
The recognition was given by Dr. Ndiamé Diop, the newly appointed Vice President for the East and Southern Africa Region of the World Bank, during a meeting with a Tanzanian delegation led by Minister of Finance, Dr. Mwigulu Lameck Nchemba, at the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington D.C., USA.
"Tanzania has proven itself to be a model in managing economic and fiscal policies," Dr. Diop remarked.
"Despite global economic turbulence, including the ongoing pandemic and political unrest in various regions, Tanzania’s economy remains resilient and stable compared to many other countries in Africa."
Dr. Diop further acknowledged Tanzania’s strategic efforts to manage external challenges. “Tanzania has shown remarkable strength in navigating the global reduction in aid and the withdrawal of funding for vital sectors such as health. This resilience is attributed to the country's innovative use of domestic resources to continue financing development,” he added.
In addition to praising Tanzania's economic management, Dr. Diop also expressed his commitment to further strengthening the partnership between the World Bank and Tanzania.
“The World Bank will continue to support Tanzania's economic growth and efforts to alleviate poverty by funding various infrastructure projects and providing technical assistance for sustainable economic development,” he stated.
In response, Dr. Mwigulu Lameck Nchemba conveyed Tanzania's appreciation for the World Bank’s continued support. “The World Bank has been a major development partner for Tanzania, and its contributions have been pivotal in the success of our economic programs,” he said.
He highlighted that the country's economic stability and growth are a direct result of the visionary leadership of President Samia Suluhu Hassan.
“Under President Samia Suluhu Hassan’s leadership, we have prioritized investments in key sectors such as agriculture, infrastructure, and community development. These efforts have been instrumental in sustaining our economic growth, even during challenging times,” Minister Nchemba explained.
He emphasized that the Tanzanian government remains focused on strengthening fiscal policies, involving the private sector, and addressing global policy shifts.
“We are committed to continuing to manage our economy effectively, ensuring that we adapt to global changes while providing opportunities for growth and development for our people,” he added.
The World Bank has invested $10.9 billion in various development projects across Tanzania, covering critical sectors such as health, education, water, energy, road infrastructure, market construction, and climate change adaptation.
“These investments will continue to fuel Tanzania’s growth and build a foundation for a more prosperous and sustainable future,” said Dr. Diop.
Tanzania's positive outlook in the face of economic challenges underscores the country's commitment to development and its strong partnership with the World Bank, which continues to play a key role in the nation’s path to economic prosperity.