Exchange Rates: £1 = Shs 1,300.
$1 = Shs 925
‘INVESTMENT TO CONTINUE’ – IMF
According to the IMF’s World Economic Outlook for 2001, Tanzania is among five African countries which are expected to continue attracting investment and long-term economic growth because of its pursuit of sound macro-economic and structural policies. The other countries are Botswana, Cameroon, Mozambique and Uganda but Zimbabwe and Cote d’Ivoire come out of the report badly. The report said that the outlook for private investment, economic diversification and longer-term growth was generally brighter in countries that had pursued sound macroeconomic and structural policies. As a result of this, relatively strong growth of around 5% and above was expected to continue in the five countries.
“POWER RATIONING OVER” -MINISTER.
The Deputy Minister for Energy and Minerals Dr Ibrahim Msabaha has announced that the days of power rationing in Tanzania are over. He was inspecting the 100MW Tegeta-based Independent Power Tanzania Ltd (IPTL) plant. He said that the final take-off of the IPTL, after three years of stalemate, was a major boost to government efforts to ensure all Tanzanian’s got electricity. The dispute between the Malaysian-financed IPTL and the Tanzania Electric Company (TANESCO) was solved by the International Centre for the Settlement of Investments in the middle of this year.