WBank approves USD 100m for MKUKUTA 2

BabuK · 2012-03-17T17:17:46+00:00

The World Bank has approved USD100m as direct budget support to improve Tanzanias investment climate and promote growth through sound public finance management. The credit issued through the International Development Association was approved by the Board of Executive Directors in Washington on Thursday. A statement by the bank obtained in Dar es Salaam yesterday said the Ninth Poverty Reduction Support Credit (PRSC-9) is the first in a series of three annual operations (PRSC-9/11) supporting the implementation of Tanzanias Second National Strategy for Growth and Reduction of Poverty ( MKUKUTA II), complemented by the first Five Year Development Plan. "We are happy that the new PRSC series responds in a very practical and convenient way to Tanzanias growth and development strategies, said Ramadhani Khijjah, Permanent Secretary Ministry of Finance. According to the statement the aim is to achieve inclusive growth, leverage private sector investment, support the social sectors, and advance critical reforms in the areas of public finance management and the business environment. PRSC-9 will focus on promotion of private sector growth and development; and improvement of fiscal policy and management, the statement added. Efforts in the first focal area will support improvements in the general investment climate, accompanied by specific reforms in land access, special economic zones, and facilitation of a regional transit hub. Reforms in the second focal area will stress the need for consolidating the current efforts to improve public financial management and budget transparency, according to the statement. It will also give attention to enhanced and transparent domestic revenue mobilisation, public investment management and facilitation of public-private partnerships. We hope that this credit will provide a new platform for policy dialogue and support to critical reforms for private sector development. By focusing on the creation of a regional transit hub, the programme aims at creating synergies between Tanzania and its neighboring countries, while its focus on domestic revenue mobilisation will contribute to improved management and delivery of social services, said Philippe Dongier who is WBs Country Director for Tanzania, Uganda and Burundi. The new PRSC series is aligned with the harmonised framework for General Budget Support (GBS) in Tanzania, which the World Bank supports with 11 other development partners. The GBS accounted for 9 percent of the government budget and 35 percent of the total foreign aid to Tanzania in financial year 2010/11. The series will also be implemented in close collaboration with the International Monetary Fund whose board approved a three-year programme for Tanzania in June 2010, supporting the goal of achieving sustainable broad-based high growth, while maintaining macroeconomic stability. The World Banks current portfolio in Tanzania consists of 25 IDA-financed projects with a net commitment of approximately USD2.6bn making it the third largest country programme in the Africa region. SOURCE: THE GUARDIAN

Thread starter BabuK
Start date Mar 17, 2012

BabuK

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WBank approves USD 100m for MKUKUTA 2

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