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Tanzania could attain middle income status by making growth more inclusive: IMFWednesday, May 24, 2017 > 11:15:30
The International Monetary Fund (IMF) said on Wednesday Tanzania could attain the middle income status by 2015 if the east African nation made growth more inclusive.
Tao Zhang, the IMF Deputy Managing Director, said the private sector should take center stage in driving the economy coupled with increased investments in energy to attract investors.
In his public address to academicians, investors, private sector and economists from the east African region, Tao also advised Tanzania to strengthen the judicial sector for fair resolution of disputes.
Giving more tips on how to attain the middle income status, Tao said the Tanzanian government should also make its decision-making process more transparent and predictable across a range of rules and regulations.
"The government should also ensure that businesses have a say in policy making," he told his audience from Tanzania, Kenya, Uganda, Rwanda and Burundi.
Tao emphasized the need for Tanzania to continue pushing for sound economic management and commitment to economic reforms that unlocked its potential.
"First, it is essential to increase investment in an effective way to address key bottlenecks in the economy and create more jobs," he told the meeting themed: Achieving Tanzania's Goal of Middle Income Status.
He added: "Second, it is prudent to take concrete steps to strengthen the role of the private sector in the economy to help drive future growth."
Tao said a strong private sector could foster economic diversification, expand trade and deepen Tanzania's integration into global value chains.
On the East African Community (EAC) integration, Tao said deepening economic integration could encourage dynamism of over 150 million people across the region as it opened doors to expand trade and investment.
"Despite the progress the country and the EAC has made more needs to be done including non-tariff barriers, tax administration and harmonization, automation and trade procedures and labor mobility. If these can be addressed, the EAC can emerge as a true source of economic growth," he said.