Tanzania’s President John Magufuli has defended the country’s economy, saying it is among the five fastest growing economies in Africa.
Magufuli projected that this year, his country’s economy will grow at a fast rate of 7.1%.
In fact he said Tanzania’s economy was growing at 7% – with a 4% inflation – partly because of good crops production.
The Tanzanian leader made the remarks while inaugurating a 189km road which was constructed by Tshs 207billion funding from African Development Bank through the Japan International Cooperation Agency JICA.
Magufuli is attributing the speed of the economy to the fact that his government has built great trust in its development partners.
“We couldn’t construct this road in 1961 because we had a poor economy. But today we are able to attract donors, convincing them that the country’s ability to service the loans has increased,” Magufuli boasted.
According to Magufuli, the AfDB bank has so far dished out $3.6billion. “Last year alone, they released $1.9billion for implementing road projects – equivalent to 52% of all the money issued for road construction projects,” he said.
Tanzania has 35000 kilometres of road networks, including regional and national roads that contribute to growing the economy.