Tanzania backs debt sustainability in Africa
Tanzania's Deputy Minister for Finance, Eng Mshamu Ali Munde, urged African nations to prioritize debt sustainability and reduce reliance on external financing. The call was made during a joint African Union session focused on industrialization and economic transformation.
Why it matters
Addressing debt sustainability is crucial for the long-term economic stability and industrial growth of African nations.
ABIDJAN: TANZANIA has called on African countries to adopt strategies that promote debt sustainability and reduce reliance on external financing, saying stronger domestic resource mobilisation is critical for achieving sustainable economic transformation.
The call was made by Deputy Minister for Finance, Eng Mshamu Ali Munde, who led the Tanzanian delegation at the Joint 9th Session of the Specialised Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration and the 5th Session of the STC on Trade, Tourism, Industry and Minerals held in Abidjan, Ivory Coast, from July 20 to 24.
The meeting, convened by the African Union Commission (AUC) under the theme “Financing Africa’s Industrialisation for Sustainable Development,” brought together ministers, central bank governors, policymakers, technical experts, development partners, private sector representatives, academics and civil society organisations.
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