Masauni instructs TIB Bank to reclaim 535.3bn in bad loans

30Jul 2021
By Guardian Reporter
Dar es Salaam
The Guardian
Masauni instructs TIB Bank to reclaim 535.3bn in bad loans

​​​​​​​DEPUTY Finance and Planning Minister Eng Yusuf Hamad Masauni has instructed the Tanzania Investment Bank (TIB) to ensure that debts and loans totaling 535.3bn/- that were loaned to its customers without following procedures as well as from long-time debtors are reclaimed.

​​​​​​​DEPUTY Finance and Planning Minister Eng Yusuf Hamad Masauni.

Masauni gave the instructions in Dar es Salaam yesterday during his visit to the bank where he spoke to staff as part of his visits to various institutions under his ministry.

“This money has to be repaid, it belongs to the people and I also direct you to bring up recommendations to the government to see whether there is any area it can intervene to ensure we rescue Tanzanians’ money invested in unprofitable projects,” he said.

He said in its economic pursuits, the government wants to see TIB fully participating in big national strategic projects to enable it procure loans from its own financial institutions than from those outside and called upon bank officials to appropriately deal with the issue.

He also called on the bank to make sure all loans it issues are beneficial to avoid bad loans that can inflict it with huge losses.

For her part, TIB Board Chairperson Mary Mashingo said TIB was keen to participate in the ongoing implementation of huge strategic projects in the country.

TIB Managing Director Charles Singili said the bank, in collaboration with experts from the Ministry of Finance and Planning was making efforts to ensure the loans, including 168bn/- whose cases were in courts are reclaimed to enable loaning to other investors.

Top Stories