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World Bank categorizes Tanzania as middle income country

FILE PHOTO: President John Magufuli. World Bank on Wednesday declared Tanzania a middle income country, a goal that has been achieved five years ahead of the country’s schedule.

Kampala, Uganda | XINHUA | The World Bank has categorized Tanzania as a lower-middle income country after the country made economic reforms, including making consistent plans and taking hard decisions aimed at improving its economic development, a senior official said on Thursday.

“Discipline in financial expenditure and the prevailing peace and tranquility also helped the country to earn the middle income status from the World Bank,” Hassan Abbasi, the chief government spokesperson told a news conference in the capital Dodoma.

Abbasi spoke after the World Bank on Wednesday declared Tanzania a middle income country, a goal that has been achieved five years ahead of the country’s schedule.

Tanzania had planned to gain the middle income status in 2025.

Abbasi said other values that made the East African nation to earn the middle income status included the reinforcement of the leadership ethics, the implementation of flagship projects and investment in human development.

Responding to the World Bank’s announcement, President John Magufuli tweeted on Wednesday commending his fellow Tanzanians for the achievement.

“We had envisaged achieving this status by 2025 but with strong determination this has been possible in 2020,” Magufuli wrote in the tweet.

Tanzania last year recorded an economic growth of seven percent, making the country one of the fastest growing economies in Africa.

Tanzania is the second largest economy in East Africa and becomes the second East African Community member state to achieve the middle-income status after Kenya.

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