-fully disbursed and utilized, Civil Society Organizations (CSOs) have recommended in their 2019/20 budget analysis.
Through their umbrella body, the Foundation for Civil Societies (FCS), leaders of the civic organizations said despite infrastructure developments that Tanzania has been focusing on for the past three years, there is need for this effort to go together with the development of human capital by investing more in human capital development, especially education and health.
Speaking yesterday at the FCS 2019/20 budget analysis meeting in Dar es Salaam, Prof Honest Ngowi of Mzumbe University who was led the discussion said though this year’s budget is based on encouraging businesses to grow, CSOs wants local companies to participate fully in implementation of the various projects being undertaken.
“There are low lying economic fruits during the implementation of such projects, therefore when local companies participate the private sector grows at the same time contributing enough to the economy because in the process they employ Tanzanians,” he said.
Prof Ngowi said the country needs a strong private sector which can help in nurturing the economy by investing in human capital development. Much has not been done on a people-centered economic development, he said, noting that research is also lacking in that direction.
FCS capacity development manager Edna Chilimo said the aim of the meeting was to identify areas that FCS should focus for advocacy pushing.
She said the role of the CSOs is to see to it that the budget is fully implemented for the betterment of the people, underlining that in the past advocacy by civic organizations has initiated policy change.
CSOs Forum director Israel Ilunde said CSOs have a role to play in ensuring that the budget was well implemented to serve the people.
Presenting his speech on the state of the economy in the National Assembly, a sort of Budget preview, the Minister for Finance and Planning Dr Philip Mpango said private sector growth increased from 0.8 per cent during the year ending April 2018 to 10.6 per cent during the year ending April 2019, projecting a brighter future for the country’s economic outlook, attributing the change to government initiatives.
Dr Mpango said economy’s future remains bright after an increase in commercial bank credit to the productive sector, facilitated by several measures to stimulate liquidity in commercial banks to spur credit growth to the productive sector.
The measures have had a positive impact on operations of commercial banks and the economy at large, he declared.
In March 2017, the BoT cut the minimum reserve ratio required of commercial lenders to eight percent from 10 per cent in a move to reduce costs of borrowing and stimulate economic growth, he said in illustration.