Philip Mpango, Tanzania’s Finance and Planning Minister, on Tuesday, refuted reports that claimed his government had ceased the publication of a critical International Monetary Fund (IMF) report that accuses President John Magufuli’s government of undermining the country’s economic growth with unpredictable and interventionist policies, reported Reuters.
“The government is still holding consultations with the IMF,” Tanzania’s finance and planning minister, Philip Mpango, told parliament. “We have not blocked the report in any way whatsoever. They should not rush this debate, we are still consulting with the IMF on this report.”
In the leaked report, obtained by Reuters last week, the Fund said Tanzania’s slow annual GDP growth can be linked to the country’s weak business environment and the implementation of projects that may not have high rates of return.
Commenting on the matter, the IMF said consultations with the government had been taking place, and the decision lies with the government to consent to the publication of the report. The IMF did not offer any information on the contents of leaked reports.
Mpango said the government’s ongoing talks with the IMF were aimed at incorporating Tanzania’s views into the final report prior to its publication.
He said under the IMF’s own procedures, the international body submitted their draft report to the government on March 18, but the government’s views are yet to be included in the final report.
Notably, the IMF had projected a rate of GDP growth of around 4-5 percent in the medium term, should current policies continue. The forecast, however, differed from the projection made by the government. The government predicted Tanzania’s economy to grow by 7.3 percent in 2019 after an estimated 7.2 percent expansion last year.
As per IMF report, delays or little progress in implementing structural reforms, unpredictable and interventionist policies, and scaling-up of public investments with not so high rate of return are likely some of the factors that could have a detrimental effect on the country’s growth and development.
