TANZANIAN PRESIDENT PLEDGES TO SETTLE ALL DEBTS OWED TO TEACHERS, CONTRACTORS

DAR-ES-SALAAM, Tanzanian President John Magufuli has pledged to settle by next month all debts amounting to 200 billion shillings (about 89.1 million US dollars) which the government owes its teachers, contractors, service providers and other suppliers.

It should be clear, however, that the debts are internal arrears which have been duly verified I direct that proper preparations be made to release those funds and it's my hope that the money will stimulate the economy, he declared here Wednesday when bade farewell to Professor Benno Ndulu, the outgoing Governor of the Bank of Tanzania (BoT), who he praised for proper supervision of the economy.

During the occasion held at State House, Dr Magufuli also met and held talks with the incoming central bank Governor, Professor Florens Luoga, whom he appointed to the position last October.

On Dr Ndulu, President Magufuli remarked: You have done great during your ten years in office in overseeing commercial banks and bureux de change. Foreign reserves increased from 1.8 billion USD to 6.0 billion USD . which can sustain the country's imports for the next six months, Dr Magufuli said.

Dr Magufuli was equally impressed that under his custody, Dr Ndulu had been able to secure funds to implement mega-development projects such as purchase of new aircraft and construction of the Standard Gauge Railway and electricity infrastructure.

Prof Ndulu, a former World Bank senior economist, was appointed to the position in 2008 by now retired President Jakaya Kikwete.

Source: NAM NEWS NETWORK