Tanzania as achieved a lower-middle income status according to the World Bank categorization. This comes after the country made economic reforms, including making consistent plans and taking hard decisions aimed at improving its economic development, a senior official said on Thursday. The goal is achieved five years ahead of the country’s planned schedule of 2025.
Tanzania becomes the second East African Community member state to achieve the middle-income status after Kenya.
“Discipline in financial expenditure and the prevailing peace and tranquility also helped the country to earn the middle-income status from the World Bank,” Hassan Abbasi, the chief government spokesperson told a news conference in the capital Dodoma.
Abbasi said other values that made the east African nation to earn the middle-income status included the reinforcement of the leadership ethics, the implementation of flagship projects and investment in human development.
Responding to the World Bank’s announcement, President John Magufuli tweeted on Wednesday commending his fellow Tanzanians for the achievement.
“We had envisaged achieving this status by 2025 but with strong determination this has been possible in 2020,” Magufuli wrote in the tweet.
The East African country, the second largest economy in East Africa recorded an economic growth of seven percent last year, making the country one of the fastest growing economies in Africa.