March 12, 2019 / 1:32 PM / 9 months ago

UPDATE 1-Tanzania sees overall spending up slightly in 2019-20 - finance minister

(Adds details, background)

DAR ES SALAAM, March 12 (Reuters) - Tanzania plans to raise its total spending in 2019-20 (July-June) slightly to 33.11 trillion shillings ($14.16 billion), with the funds going towards improving roads, railways and rural electricity supplies, its finance minister said on Tuesday.

The spending is up from 32.48 trillion shillings in the fiscal year that will end in June.

Philip Mpango said in a presentation to parliament outlining proposals for the 2019-20 budget that the government plans to borrow 2.32 trillion shillings from external non-concessional sources, with 2.78 trillion shillings coming from concessional loans and grants.

Mpango said the government planned to raise 23 trillion shillings from internal revenues, and the budget will have a deficit of 2.3 percent of gross domestic product.

A final budget presentation will be made to parliament in June.

Tanzania’s economy is forecast to grow at 7.3 percent in 2019, from an estimated 7.2 percent last year, helped by public infrastructure investments and favourable weather.

“During fiscal year 2019-20, the government will allocate 20.86 trillion shillings for recurrent expenditure ... which includes provisions for 2019 local government elections and preparations for the general election in 2020,” Mpango said.

Tanzania plans to spend 12.25 trillion shillings in 2019-20 on development projects.

East Africa’s third-largest economy is investing heavily in public infrastructure projects as it seeks to profit from its long coastline and upgrade its rickety railways and roads to serve the growing economies in east and central Africa.

$1 = 2,338.0000 Tanzanian shillings Reporting by Nuzulack Dausen and Fumbuka Ng'wanakilala; Writing by George Obulutsa, editing by Ed Osmond

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