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Member
- May 3, 2011
- 81
- 192
Government Budget estimates for the year 2024/25 have been prepared in accordance with the Tanzania Development Vision 2025, Chama Cha Mapinduzi (CCM) Election Manifesto 2020, the Third Five-Year National Development Plan (2021/22-2025/26), East African Community Vision 2050, Agenda 2063 “The Africa We Want,” the 2030 Agenda for Sustainable Development Goals, and other regional and international agreements ratified by Tanzania.
Macro-economic Policy Targets
Key macro-economic targets, reflecting the government's commitment to economic growth and stability, have been derived from the documents and guidelines considered in the preparation of this Budget. These include:
Macro-economic Policy Targets
Key macro-economic targets, reflecting the government's commitment to economic growth and stability, have been derived from the documents and guidelines considered in the preparation of this Budget. These include:
- Accelerate growth rate of the Gross Domestic Product (GDP) to 5.4 per cent in 2024 from 5.1percent in 2023;
- As part of the government's steadfast commitment to maintaining a stable economy, the Budget aims to control the inflation rate, ensuring it remains within the single-digit range of an average of 3.0-5.0 per cent in the medium term.
- Increase domestic revenue to 15.8 per cent of GDP in 2024/25 compared to the projection of 15.4 per cent in 2023/24;
- Increase tax revenue to 12.9 per cent of GDP in 2024/25 from the target of 12.6 per cent in 2023/24;
- Maintain a budget deficit (including grants) not exceeding 3.0 per cent of GDP; and
- Maintain foreign exchange reserves sufficient to cover the importation of goods and services for no less than four (4) months.
For the fiscal year 2024/25, the Government anticipates a budget of 49.35 trillion shillings, a significant 11.2 per cent increase from the 2023/24 budget. This increase is primarily attributed to factors such as the depreciation of the Tanzania Shillings, rising interest rates, and loan maturity; new employment opportunities; outstanding debts; the 2024 Local Government Elections; preparations for the 2025 General Elections; and arrangements for the 2027 African Cup of Nations (AFCON), including stadium construction and rehabilitation.
The Full budget:
