Tanzanians in Diaspora feeling global financial crunch

[Invisible]

The on-going financial turmoil in the USA and the European Union (EU) will make remittances from abroad into Tanzania hard to be realised, according to a senior Bank of Tanzania (BoT) official here on Thursday.

In an exclusive interview with APA on Thursday, the director of Economic Policy at the BoT, Joseph Masawe, said that in short term perspective, the crisis could impact on exports, imports and remittances as well.

Masawe said the most direct short-term impact for the economy would be declining remittances from the Tanzanians living in developed nations who had invested into real estates because of the financial crisis.

“Tanzanian families living in developed countries are currently experiencing the pinch of the financial crisis and so could see financial flows totally cut or greatly reduced as well as reduction in the other remittances for local investments,” he said.

Remittances from developed countries by Africans have recently risen to become significant components of their nations’ economic gains with Ghana, Nigeria and Uganda being among the top beneficiaries.

Available statistics show that Tanzania’s annual remittances from abroad reached US$313 million as of December 2006.

The turmoil is associated with a string of failures in large US financial institutions, prompting the US-government to seek funds to bail them out of their troubles.

Source: African Press Agency

 

[Mtanzania]

Invisible,

Jamaa wako sahihi, hii credit crunch, inawafanya watu wapoteze kazi lakini hata wale walioko makazini, vitu kama overtime na bonuses zinakuwa haba, hivyo si rahisi kuwa na ziada na pia sio rahisi kukumbuka watu wengine. Victim wa kwanza kwenye hili ni ndugu na marafiki walioko TZ, watu tayari tumeanza kufunga mikanda.