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The author is grateful for comments from Peter Dohlman, David Nellor, Catherine Pattillo, Robert Sharer, Helga Treichel, and Jeromin Zettelmeyer.
This paper does not address the question of which measures would be required to achieve the Millennium Development Goals, other than that of reducing income poverty, and, in particular, the question to which extent the available resource envelope would need to be expanded to achieve that objective.
The NBC emerged from a breakup of the previous National Bank of Commerce into a microfinance, rural-oriented branch (the National Microfinance Bank (NMB)) and an urban-oriented bank that was called the National Bank of Commerce.
International Monetary Fund (2004). According to the estimation, traditional exports have decreased by 4 percent for each percent depreciation in the REER, while manufacturing exports have increased by 14 percent for each percent depreciation of the REER.
Section IV of IMF Country Report 03/2 and Section II of IMF Country Report 04/284 demonstrate that using various methodologies, Tanzania’s debt burden (domestic and external) is sustainable. Using different assumptions about aid flows, growth, and exports, the net present value (NPV) of the debt-to-exports ratio is expected to remain well below the HIPC Initiative target of 150 percent over the projection period. Furthermore, Tanzania’s current stance of fiscal policy would be consistent with debt sustainability, even if access to highly concessional financing deteriorated somewhat.
In line with the results of a study by Senhadji (2000), the calculation of the sources of growth assumes a contribution share of capital of 24 percent and labor 76 percent.
“The Africa Competitiveness Report”, World Economic Forum (1998 and 2000/01).