Bloomberg News

Tanzania Says Commodities Boom Will Cut Need for Aid

May 29, 2012

(Corrects location of Arusha in second paragraph.)

Increased revenue from commodities will help reduce Tanzania’s reliance on foreign aid, central bank Governor Benno Ndulu said.

“Earnings are generated in shillings and we have to service debt in foreign currency,” Ndulu told a meeting of the African Development Bank in Arusha, in the north of the country, today. “We hope that the natural resources boom will lead to a reduction of official development assistance.”

To contact the reporter on this story: David Malingha Doya in Dar es Salaam at

To contact the editor responsible for this story: Shaji Mathew at

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