NORWAY GIVES TZ SH 22 BILLION IN GRANTS

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Title : NORWAY GIVES TZ SH 22 BILLION IN GRANTS
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Dar es Salaam. The Norwegian government has pledged to give Tanzania a grant of $10.5 million (Sh22.05 billion) aimed at boosting the country’s domestic revenues in the next three years.

Norway Foreign minister Borge Brende revealed this on Friday when he met with Tanzania’s Finance and Planning minister, Dr Philip Mango.

He said, he was impressed by President John Magufuli’s efforts towards ending corruption and raising domestic revenues collection. “A lot of countries have developed by committing to good governance and for putting to an end corruption and increasing domestic revenue collection,” he stressed.

He said Tanzania should ensure its tax revenues is reliable and consistent to be able to finance it’s development projects.

He noted that currently Tanzania revenues were impressive and expected to contribute at least 40 per cent of the country’s GDP by June this year.

Meanwhile, for his part, Dr Mpango said tax revenue has increased from Sh850 billion monthly in 2015 to Sh1.2 trillion every month, this year. According to him, it is a huge achievement from Sh 524.9 billion in 2012.

“This is a great achievement for Tanzania Revenue Authority (TRA) because they have been able to attain the 4th corporate plan,” he said. In view of this, he called on Norway to help Tanzania succeed in its oil and gas projects.

According to him, Norway started it’s oil projects at a lower level before emerging as global giants in the industry and their expertise would go aa long way to help Tanzania.

According to him, Norway accountability led them to establish a National Wealth Fund for current and future generations of which Tanzania is also in the process of putting it in place.

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