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World Bank Promotes Tanzania To Middle Income Status

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Tanzania is the first East African country to ascend to the middle income status –the World Bank announced on Wednesday sending Tanzanians into jubilation.

“Today, the World Bank has declared Tanzania Middle Income Country. In this regard, I congratulate all my compatriots for this historic achievement. We had envisaged achieving this status by 2025 but, with strong determination, this has been possible in 2020. GOD BLESS TANZANIA,” President John Pombe Magufuli wrote on twitter.

According to statistics, Tanzania has a population of 56.32 million with a GDP per capita US$ 1,050.68.

The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries.

Meanwhile, these classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates) of the previous year (2019 in this case).

As of yesterday July 1st, Tanzania was elevated to Lower-middle income category and its GNI/ capital had increased to U$1,080 indicating a rise from U$ 1,020 of last year.

Other countries on the African continent that have seen a shift in income status include Benin (lower-Middle Income), Mauritius has moved to High income status

16 Comments

16 Comments

  1. F.W.

    July 3, 2020 at 10:25 am

    Tanzania is not the first countey to attain middle income status in East Africa, Kenya is. It attained in 2014! Get your facts right.

  2. waligo

    July 3, 2020 at 12:44 pm

    point of correction, Kenya archived middle class status long time age.

    • Chris Nkanyagu

      July 4, 2020 at 6:27 am

      Yeah, we are following your footsteps, hope one day we be East African economic powerhouse! We deserve it

  3. Chosen Siwale

    July 3, 2020 at 11:16 pm

    Congratulations to Tanzanians and their beloved President Mr P. Magufuli.
    We hope Zambia can emulate the strides you have embarked on with success.
    God bless you abundantly.

    • Chris Nkanyagu

      July 4, 2020 at 6:25 am

      Thank you brother Siwale!

  4. Y musari

    July 4, 2020 at 9:37 am

    I think this is something worth it though a big part of our population still swims and lament in adverse positions of life style.

  5. Y musari

    July 4, 2020 at 9:42 am

    I think this is something worth it though a big part of our population still swims and lament in adverse positions of life style.

  6. Yudika musari

    July 4, 2020 at 10:00 am

    Is an acheivement worth it. However yet a big portion of the population still languish in povery .

    • Mwaki

      July 5, 2020 at 11:19 am

      that applies everywhere even in the US

  7. Justus Lavi Mwololo

    July 5, 2020 at 7:57 am

    Conguratulations to Tanzania for joining the team who are in that level like Kenya and Zimbabwe for several years before but let the other Countries who are still in the lower category pull their socks out of it we are fed of African leader’s mismanagement of the resources and affairs of our countries and the Continent.
    For how do we remain in the bottom yet we are bestowed with the greatest wealth incomparable anywhere anytime

  8. Derrick kayemba

    July 5, 2020 at 9:35 pm

    Happy the inhabitants!! Congratulations!
    Leave alone your neighbouring political slums..
    Please continue to submit prayers in favor your Northern Friends.

  9. Eric Nzuko

    July 6, 2020 at 7:41 am

    Where do we get gutter press headlining on Google from? Kenya has been there for many years and we don’t make a fuss about it. Congrats Tz, but these guy should edit his blog. Tanzania becomes the 2nd east Africa nation to… Etc

  10. Dismas NDAHAYO

    July 10, 2020 at 8:57 am

    Vive la république Tanzanienne,et sa population. vous êtes un modèle démocratique, c’est pour cela le meilleur est devant vous. Que Dieu vous protège.

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Germany, Rwanda Sign Rwf90B Financing Agreement

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Finance Minister, Dr. Uzziel Ndagijimana, and the Germany Ambassador to Rwanda, Dr. Thomas Kurz, today signed two agreements worth € 78 million (Approximately Frw 90 billion).

The financing and technical cooperation agreement is the outcome of the Inter-Governmental Negotiations that were concluded last Year between our two respective Governments.

59 million Euros of the grant agreement will be provided through KFW Development Bank and will support various initiatives including technical and vocational training, promotion of export oriented SMEs, through the support to Export Credit Facility in Rwanda under BRD, promotion of green investments as well as ICT support.

The remaining Euros19 million will be channeled through GIZ and will support decentralization and good governance, prevention of sexual and gender based violence among others.

Speaking after the signing event, Minister Ndagijimana said the financial support extended to Rwanda will support key areas that are critical to the attainment of the country’s development objectives.

“This support comes at a critical juncture given the effects COVID-19 has had on our social –economic advancement. We look forward to boosting these important areas that are in line with our National Strategy for Transformation. We thank Germany for the strong cooperation and solidarity especially during the COVID-19 pandemic,“ Minister Ndagijimana said.

Ambassador Kurz stressed: “These Agreements underline the long-standing and proven cooperation between our two countries based on friendship and mutual trust. Germany is committed to support Rwanda in its Economic Recovery Process and the implementation of NST 1 in order to reach the SDGs and to leave no one behind.”

The Division of Labor allows Germany development cooperation programme to be active in Education (including TVET); Decentralization and Good Governance, Private Sector Development and Youth; Public Financial Management (PFM); Financial Development. Germany also supports Regional Projects: Centre of Excellence for Health, Improvement of the Investment Climate, Microfinance sector-MIFSSA, ICGLR and Energy.

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Malawi Issues 86 Licenses For Cannabis Production

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Malawi’s Cannabis Regulatory Authority said on Friday they had issued 86 licenses to 35 companies and cooperatives to venture into cannabis cultivation for industrial hemp production.

Boniface Kadzamila the Board Chairman of Cannabis Regulatory Authority made the announcement from Lilongwe on Friday afternoon.

He said that a total of 41 companies applied but only 35 of them satisfied the requirements.

According to him the authority has issued licenses for cultivation, processing and storage and has not yet issued any license for export of cannabis.

A recent analysis by Invegrow Limited, one of the firms that conducted research on industrial hemp, found that a kilogram of industrial hemp could fetch U$1,444 on the market that there is potential for direct annual benefit for Malawians in excess of U$ 135,440,973 on 16.5 hectares or U$8,803,663 per five hectares.

The analysis further indicated that the crop has ready markets whose global value chain is worth U$9billion thus giving local Malawi investors a basis to take up cannabis production.

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ex-Nakumatt CEO’s Home Auctioned

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Atul Shah, the former chief executive officer of the collapsed retail giant Nakumatt lost his home to auctioneers over a U$18,609,740 debt.

The auction follows the conclusion of a protracted court battle after the Kenyan High Court dismissed a petition seeking to overturn the forced sale of the high-end property by KCB Group.

Justice Francis Tuiyott dismissed the petition by the administrator of the collapsed Supermarket chain, saying it has no chance of success.

Nakumatt’s court-appointed administrator had opposed the sale on grounds that the auction failed to follow the law, and tagged Mr Shah as an interested party to suit.

The bank, through Leakey Auctioneers, early in the year quietly sold the property, which Mr Shah had used as additional security as Nakumatt’s guarantor to offer comfort to the multiple bank loans.

“This court is not persuaded that the suit, as currently presented, demonstrates a prima facie case with a probability of success. Being unable to surmount that hurdle, it is needless for this court to discuss other aspects raised in the application,” the judge said.

KCB had earlier sold Mr Shah’s prime property in Industrial Area, Nairobi, to Furniture Palace International Ltd for about U$9,677,064 court records show.

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