TANZANIA AND UGANDA PIPELINE DEAL


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    Written by: Meshack Masibo
    Tanzania and Uganda have signed an agreement for the construction of a natural gas pipeline, marking the first trans-border gas pipeline in East Africa. The agreement was signed at the end of a three-day Joint Permanent Commission Summit held in Kampala, which was led by Tanzania’s foreign minister Augustine Mahiga and Uganda’s minister of energy Irene Muloni.
    This comes at a time when Tanzania has achieved high growth rates based on its vast natural resource wealth and tourism. GDP growth in 2009-17 averaged 6%-7% per year. Dar es Salaam used fiscal stimulus measures and easier monetary policies to lessen the impact of the global recession. Tanzania has largely completed its transition to a market economy, though the government retains a presence in sectors such as telecommunications, banking, energy, and mining.The economy depends on agriculture, which accounts for more than one-quarter of GDP, provides 85% of exports, and employs about 65% of the work force.
    All land in Tanzania is owned by the government, which can lease land for up to 99 years. Proposed reforms to allow for land ownership, particularly foreign land ownership, remain unpopular.The financial sector in Tanzania has expanded in recent years and foreign-owned banks account for about 48% of the banking industry’s total assets. Competition among foreign commercial banks has resulted in significant……Subscribe to Readmore………

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