Religious Leaders Forum on Public Debt Management in Dodoma

Tanzania Coalition on Debt and Development chairperson Rev, Moses Matonya (sitting at the center) leading the religious leaders forum on debt advocacy in Dodoma today. This forum aimed to discuss Tanzania’s Public Debt management and resource mobilization. According to Controller and Auditor General (CAG) audit reports for the 2022/2023 fiscal year at State House in Chamwino, Dodoma, it has come to light that as of June 30, 2023, the government’s debt has reached a staggering 82.25 trillion Tanzanian Shillings, representing a significant 15 percent surge compared to the preceding fiscal year, said Charles Kichere (CAG).

He commented that the current level of debt remains manageable, highlighting a recent development in tax collection. “The Tanzania Revenue Authority (TRA) has reported a significant achievement, with revenue collection reaching 22.58tn/- in the 2022/23 fiscal year. This marks an impressive 8 percent increase from the previous year’s collection of 20.94tn/- in 2021/22,” said Kichere.

Considering this increase in Public debt, it is the responsibility of religious leaders’ organizations to advocate to the government and demand that all borrowed funds be directed to relevant projects. Said Mr. Hebron Mwakagenda TCDD executive director during the discussion

Learning from the Heavily Indebted Poor Countries (HIPC) campaign, Tanzania and other developing countries had something potential to learn on borrowing issues, TCDD members include Faith-based organizations that advocate message to the government after the HIPC is “Responsible Borrowing”

Also, TCDD advocates for The legal and managerial framework that provides for enhanced parliamentary involvement in debt management, The government Loans, Guarantees, and Grants Acts No 34 of 1974 as amended 2004 is reviewed/revised demanding the Minister of Finance to present to the parliament the annual strategy, borrowing plan and loan contractions for debate and approval. Also, The Minister of Finance reports to Parliament every six months on the state of the public debt including loan contraction and debt repayment separately from the annual budget speech.

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