DAR ES SALAAM, Tanzanian President John Magufuli said on Saturday the harsh economic conditions Tanzanians were currently facing was transitional, caused by implementation of various policy reforms that prepared the east African nation for prosperous economic take-off.

"The difficult economic condition that you are experiencing today is transitional as we are striving to make a better future," President Magufuli said in an address to the nation to mark the 18th anniversary of the death of the Father of the Nation, Julius Nyerere and the climax of this year's Uhuru Torch race.

Magufuli called on Tanzanians to be patient, saying: "We have been working to fight corruption and the misappropriation of state assets, natural resources and public funds in order to create a better future."

In his live televised address from the Zanzibar archipelago, Magufuli said the country's economy was expected to grow by 7.1 percent this year, making it the third country in East Africa with sound economic growth.

He said inflation has been dropping every month with statistics from the National Bureau of Statistics showing a drop from 5.2 percent in July to 5 percent in August.

The president said the austerity measures taken by the government in various sectors including on minerals were meant to ensure economic growth and protect the country's natural resources so that they benefited all citizens.

"What we have done on minerals will also be done in tourism, natural gas, forestry and deep sea fishing," he said.

Magufuli said since the government took some measures to control the mining sector in March this year, the production of diamonds has significantly increased.

He said the 2016 World Investment Report showed that the Tanzania Investment Center registered projects worth 1.5 billion U.S. dollars from January to September this year, compared to projects worth 1.35 billion U.S. dollars in 2016.