(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.”
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