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The ongoing macroeconomic reform program in Tanzania has received a boost from the African Development Bank through a US $ 40 million loan from the African Development Fund, the concessional arm of the African Development Bank. Bank Group. is managed under the Bank's Good Governance and Private Sector Development Program . The first phase of the GGPSDP strengthens Tanzania's Reform Plan for Improving the Business Environment and is part of the biennial program budget support of $ 80 million US for the East African country covering the fiscal year 2017/18 and 2018/19.
More specifically, the program promotes the country's transition to an inclusive and resilient economic growth agenda supported by improved economic and financial governance.
In approving this budget support loan, the Bank's Board of Directors badessed Tanzania's economic management and reviewed ongoing efforts to obtain the credibility of the public sector budget, the stability macroeconomic, a climate conducive to the development of the private sector and an efficient purchasing and auditing systems.
The Bank's intervention will strengthen the viability of private and public partnerships (PPP) and support the improvement of the institutional, legal and regulatory framework of commercial operations in Tanzania.
It will also build on previous Bank operations in the country, including the Governance and Economic Competitiveness Support Program, the Electricity Sector Reforms and the National Bank. Governance Support Program implemented in 2015-2017. The program complements the Bank's institutional support projects for good governance and the project for domestic resource mobilization and natural resource governance
Commenting on the economic reforms underway in Tanzania, Soraya Mellali, Executive Director for Algeria, Guinea and Madagascar. The Bank stated that "Tanzania's economic reform program is on track and the country is committed to strengthening competitiveness and private sector development." Funding is aligned with the second pillar of the Tanzania Country Strategy Paper. for Tanzania, strengthening governance and accountability, and two of the five operational priorities of the Bank Group's Ten-Year Strategy (Private Sector Development and Governance and Accountability).
It also supports the key priorities of The Bank's Strategic Framework and Action Plan on Governance and Tanzania's Private Sector Development Strategy
These correspond to two of the Bank's priorities, namely the five main priorities: Industrializing Africa "and" Improving the Quality of Life of the Peoples of Africa "
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