Tanzania is in a good economic state compared to our neighbours, President Samia Suluhu has said.
President Suluhu on Wednesday asserted that the East African country is more economically stable than any other country in the region.
“My brothers and sisters, I want to tell you that Tanzania is doing well economically. In the entire East Africa region, we are better than other countries, let nobody lie to you. Right now, every country is complaining of dollar shortages while we have enough to last us four months,” said Suluhu.
She claimed that Tanzania has been asked by neighbors experiencing dollar shortages to ensure its purchases of crude oil.
“Go to our neighbours, they do not have even a two-week supply. We are getting requests to guarantee their oil supplies but we have just been pretending that the situation is bad for us as well,” she said.
“We are doing well and our economy will be even stronger if we stay united.”
Kenya is currently dealing with a severe shortage of US dollars, which has been ascribed to pressure from the repayment of external debt.
The need for foreign currency has recently increased dramatically as importers scramble for dollars as the price of goods such as cooking oil, and other commodities skyrockets around the world.
Forex reserves decreased to $6.6 billion (Ksh.845.46 billion) on March 2 from $6.86 billion (Ksh.878.76 billion) on February 23 according to data provided by the Central Bank of Kenya (CBK).
While CBK Governor Patrick Njoroge has consistently played down the deficit, this is 3.69 months of import cover, which is below the four-month threshold.