THE World Bank has commended Tanzania for its strong economic management, recognizing the country as a model in Africa despite the ongoing global economic challenges.

Dr Ndiamé Diop, the World Bank’s new vice president for the Eastern and Southern Africa Region, made the praise during a meeting with Tanzania’s delegation, led by Finance Minister, Dr Mwigulu Nchemba. 

The meeting took place on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in Washington D.C., United States.

Dr Diop noted that Tanzania has demonstrated exceptional leadership in economic and financial policy management. He highlighted that despite disruptions caused by the COVID-19 pandemic and political crises around the globe, World Bank assessments show that Tanzania’s economy remains stronger than many other African nations.

Dr Diop also commended Tanzania’s efforts in addressing challenges posed by global foreign aid policy changes, especially the reduction in funding for sectors like health. He praised the government’s shift toward greater reliance on domestic resources to sustain development.

In addition, Dr Diop emphasised the strong partnership between Tanzania and the World Bank, assuring continued support to Tanzania’s efforts to boost economic growth and reduce poverty. He confirmed that the World Bank would continue to provide financial support for key development projects and technical assistance to stimulate further economic growth.

Dr Nchemba also told Dr Diop, who recently succeeded Victoria Kwakwa that the World Bank remains one of Tanzania’s key development partners. 

He credited Tanzania's effective economic management to the leadership of President Samia Suluhu Hassan, whose vision focuses on substantial investments in productive sectors, social development, and infrastructure to accelerate economic growth.

Dr Nchemba further stressed the government's commitment to strengthening economic policies and involving the private sector in the nation’s development. He also pointed out that Tanzania is actively addressing the challenges brought about by global policy changes, which have affected many African countries.

The World Bank’s investment in Tanzania currently stands at $10.9 billion, supporting 38 development projects across various sectors, including health, water, education, energy, road infrastructure, market construction, and climate change adaptation.