{
  "title": "IMF Staff Completes 2020 Article IV Mission to Tanzania",
  "publication": "IMF News, March 5, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/03/05/pr2081-tanzania-imf-staff-completes-2020-article-iv-mission",
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  "summary": "Mission dates: February 20 to March 4, 2020.",
  "publishDate": "2020-03-05",
  "sections": [
    {
      "heading": "Mission overview and macroeconomic snapshot",
      "content": "- Mission dates: February 20 to March 4, 2020.\n- Press release date: March 5, 2020.\n- Key macroeconomic conditions (staff estimates):\n  - Real GDP growth: about 6 percent; staff also states \"close to 6 percent.\"\n  - Annual inflation: 3.7 percent; described elsewhere as \"under 5 percent.\"\n  - Foreign exchange reserves: equivalent to near 5 months of imports.\n  - Public debt: below 40 percent of GDP.\n- IMF Executive Board timing: The IMF Executive Board is expected to discuss the 2020 Article IV Consultation report by May 2020."
    },
    {
      "heading": "Main findings from the mission",
      "content": "- Recent drivers of activity:\n  - Increased public investment, a rebound in exports, and an increase in credit to the private sector have prompted an increase in the pace of economic activity.\n  - Activity is buoyant in the construction and mining sectors.\n- Overall assessment:\n  - Prudent fiscal and monetary policies have delivered economic stability.\n  - The economic environment is described as benign with stable exchange rate conditions and manageable public debt.\n- Data and transparency:\n  - Authorities committed to improve the quality and timeliness of indicators of economic activity and of GDP through improvements in economic surveys and publication of high-frequency indicators and surveys’ results, as well as improvements in fiscal accounts."
    },
    {
      "heading": "Policy priorities and recommendations",
      "content": "- Tax policy and administration:\n  - Implement tax reforms to improve the business climate and increase government revenues.\n  - Improve governance in tax administration and adhere to efficient means of tax collection and control, notably through use of risk-based audits.\n  - Expand the number of taxpayers and improve tax administration and compliance in line with established protocols and regulations.\n  - Conduct a comprehensive review and further rationalization of tax exemptions, particularly income tax incentives.\n- Government spending and arrears:\n  - Implement planned measures to clear the backlog of expenditure arrears, account for them on a timely basis, and prevent the accumulation of new ones.\n  - Increase spending on health and education in coming years while ensuring quality of services and addressing key infrastructure gaps.\n  - Design and prioritize such expenditures carefully to maximize social and growth benefits.\n- Financial sector and credit access:\n  - Proceed with measures to further reduce non-performing loans and improve banking supervision to protect banks’ soundness.\n  - Lower borrowing costs and improve access to credit by broadening the pool of acceptable collateral, improving the framework for credit information, and tackling judicial bottlenecks for recovery of unpaid loans.\n- Business climate and labor skills:\n  - Accelerate implementation of the Blueprint for Regulatory Reforms, starting with publication of the action plan including a timetable and delineation of responsibilities.\n  - Rationalize agencies, licenses, and permits; remove nontariff barriers to trade.\n  - Strengthen regular dialogue with the private sector, invest in education, expand training and vocational programs, and adopt a more flexible and expeditious system of visa/work permits for specialized foreign workers.\n- Governance:\n  - Continue and publicize anti-corruption stance and actions to enhance attractiveness for investing and producing in Tanzania."
    },
    {
      "heading": "Engagement and acknowledgments",
      "content": "- The IMF team was led by Mr. Enrique Gelbard.\n- Meetings held with: Hon. Dr. Philip Mpango, Minister of Finance and Planning; Professor Florens Luoga, Governor of the Bank of Tanzania; other senior government officials; representatives of the business and banking sectors; and development partners.\n- Statement emphasis: A robust and decisive set of policies will be critical to increase private sector investment, job creation, support high economic growth, and increase resilience against risks.\n\nPress Release No. 20/81 — International Monetary Fund, March 5, 2020.\n\n---\n\n\n References\n\n- United Republic of Tanzania and the IMF\n- IMF Policy Advice -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/03/05/pr2081-tanzania-imf-staff-completes-2020-article-iv-mission"
    }
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    "Published: March 5, 2020",
    "Mission dates: February 20 to March 4, 2020.",
    "Press release date: March 5, 2020.",
    "Key macroeconomic conditions (staff estimates):",
    "IMF Executive Board timing: The IMF Executive Board is expected to discuss the 2020 Article IV Consultation report by May 2020.",
    "Recent drivers of activity:",
    "Overall assessment:",
    "Data and transparency:",
    "Tax policy and administration:",
    "Government spending and arrears:",
    "Financial sector and credit access:",
    "Business climate and labor skills:",
    "Governance:",
    "The IMF team was led by Mr. Enrique Gelbard.",
    "Meetings held with: Hon. Dr. Philip Mpango, Minister of Finance and Planning; Professor Florens Luoga, Governor of the Bank of Tanzania; other senior government officials; representatives of the business and banking sectors; and development partners.",
    "Statement emphasis: A robust and decisive set of policies will be critical to increase private sector investment, job creation, support high economic growth, and increase resilience against risks.",
    "[United Republic of Tanzania and the IMF](http://www.imf.org/external/country/TZA/index.htm)",
    "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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