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MCC Board recently selected the country to develop threshold programmes, which are smaller grant programs designed to support policy and institutional reforms that address economic growth constraints
Analysts have said that the selection of Tanzania as a Millennium Challenge Corporation (MCC) compact partner was a good augury and would intensify efforts to transform the country’s economy.
MCC Board recently selected the country to develop threshold programmes, which are smaller grant programmes designed to support policy and institutional reforms that address economic growth constraints.
Economist, Dr Isaac Safari, in a recent media interview, said the move would help to promote the country’s economy and reduce poverty. He added that it was a tribute to the country and its adherence to the rule of law and human rights while underscoring the need to embrace patriotism and integrity in the use of the grants provided by the corporation.
The views expressed by the economist found endorsements from several people from different walks of life. They maintained that being a former MCC compact partner, the country has benefited from this partnership in various sectors including the energy sector.
According to the statement issued by the US Embassy in Dar es Salaam recently, in its quarterly meeting held on December 13, the MCC Board selected Cabo Verde, the Philippines, and Tanzania for the new partnership, which is a mission to forge strong partnerships with countries that have demonstrated a commitment to democratic governance, investing in their people, and economic freedom. The statement said that newly threshold-eligible, the Philippines and Tanzania, are both former MCC compact partners that continue to face pressing development needs in strategic regions of the world. This would enable selected countries including Tanzania to partner with MCC in the development of threshold programmes that focus on the policy and institutional reforms of countries.
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Created by the U.S. Congress in January 2004 with strong bipartisan support, MCC partners with the world’s poorest countries that are committed to just and democratic governance, economic freedom and investing in their populations. Investing in well-governed countries is the most effective use of development dollars and incentivizes reform even before a country is selected to partner with MCC. MCC provides time-limited grants promoting economic growth, reducing poverty, and strengthening institutions. These investments in core infrastructure and policy and institutional reforms are key interventions that are improving the lives of nearly 270 million people across 46 countries and five continents.
The Tanzanian government, through the Bank of Tanzania (BoT), has expressed its willingness to purchase minerals from domestic mineral dealers at the current rate price in the international market to boost foreign exchange earnings in the country.
