Meeting with Members of Parliamentary Budget Committee

TCDD conducted validation of research report meeting on Tanzania Public Debt Profile. The meeting was involved Members of Parliament budget committee which carried out on 28th April 2021 in Dodoma region. The report was presented by the consultant Dr Felician Mutasa from Open University in Tanzania. Among of the key issues highlighted during the presentation report were; implication of Public Debt Service on Tanzania economy, thus Tanzania domestic revenue generation is still insufficient to meet planned expenditure. The research indicates that during the year 2019/20 domestic revenue in Tanzania was 14.7 percent of GDP as against expenditure of 16.4 percent of GDP. Interest payments on debt accrued have been increasing in nominal terms. Interest payments as a percentage of domestic revenue have been increasing over time from 8 percent in 2013/14 to 13.1 percent in 2019/20. Debt service increased from USD 214 million to USD 1,617.6 million in 2019/20. On the other hand interest payments have also increased from USD 112.5 in 2013/14 to USD 354.6 in 2019/20. As per the 2020/21 budget speech debt repayment was estimated to consume 18 percent of the Government budget. During the discussion parliamentary committee members were demanded more research on Public Debt, especially on credit rating, Debt ceiling, Debt repayment, and interests.