Sunday, September 17, 2017

Zitto Kabwe accused the government for securing the funds secretly, without the parliamentary involvement

Swiss Credit Institution Institute in Switzerland, has agreed to hold Tanzania $ 500 million (around Tshs. 1.2 billion) on terms of payment for five years. The loan in which Tanzania is allegedly borrowed is provided by a Syndicated loan through the Credit Suisse institution. One of the banks contributing to the loan is China's development bank, and Nedbank in South Africa.

The Kigoma MP  Zitto Kabwe accused the government for securing the funds secretly, without the parliamentary involvement and its disclosure. According to Credit Suisse Tanzania, the funds have been finalized to finance various road construction projects.

The loan is expected to have a huge interest in Tanzania's total $ 900 million (over Tshs. 2 million Tanzanian) for five years.

Some government officials denied Tanzania to borrow the amount of money to Credit Suisse themselves when they agreed to have been taxed. This issue has kept asking questions why the government has secretly secured it and continues to hide the fact of these reports.

Finance Minister Dr. Phillip's plan when he was asked has refused to talk about this issue.
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