The Following are highlights of budgets for the 2015/16 fiscal year for Uganda, Tanzania and Rwanda.The budget announcements are coordinated across the East African Community which comprises Kenya, Tanzania, Uganda, Rwanda and Burundi.
The financial year starts on July 1 across the region.
Tanzania’s 2015/16 (July-June) spending will rise by 13.3 percent to 22.495 trillion shillings ($10 billion), Finance Minister Saada Mkuya Salum said in his budget speech.
“The government’s 2015/16 budget of 22.495 trillion shillings has increased by 2.642 trillion shillings” compared to 2014/15, she said.
“Priorities for the government’s budget in 2015/16 include financing the general election, rural electrification, water and strategic investment projects,” Salum said.
Tanzania has concluded talks with two agencies about securing a credit rating, Salum said. The government said last year it plans to issue a debut eurobond worth up to $1 billion to finance infrastructure projects after securing credit rating.
“Talks between the government and Moody’s and Fitch Ratings for credit rating have been concluded. We hope the government will sign agreements with these companies before July 2015,” she said.
“The government plans to spend 16.57 trillion shillings for recurrent expenditure and 5.919 trillion shillings for development expenditure,” Salum said.