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Tanzania – Important Facts

Tanzania is a country in East Africa bordering the Indian Ocean. Neighboring countries include Burundi, Democratic Republic of the Congo, Kenya, Malawi, Mozambique, Rwanda, Uganda, and Zambia. The geography of Tanzania is varied with Lake Victoria in the west, mountains in the northeast, and coastal plains. The government system is a republic; the chief of state and head of government is the president. Tanzania has a mixed economy in which there is a variety of private freedom, combined with centralized economic planning and government regulation. Tanzania is a member of the East African Community (EAC) and the Southern African Development Community (SADC).

The economy depends on agriculture, which accounts for more than one-quarter of GDP, provides 85% of exports, and employs about 80% of the work force; agriculture accounts for 7% of government expenditures. All land in Tanzania is owned by the government, which can lease land for up to 99 years. Proposed reforms to allow for land ownership, particularly foreign land ownership, remain unpopular.

The financial sector in Tanzania has expanded in recent years and foreign-owned banks account for about 48% of the banking industry’s total assets. Competition among foreign commercial banks has resulted in significant improvements in the efficiency and quality of financial services, though interest rates are still relatively high, reflecting high fraud risk. Recent banking reforms have helped increase private-sector growth and investment.

Important Details

  • Country ISO3 : TZA
  • Country Code : 834
  • Income Group : Low income
  • Lending Category : IDA
  • Region : Sub-Saharan Africa
  • Currency Unit: Tanzanian shilling
  • WTO Member : Yes
  • Trade organisations : EAC, SADC, AU, WTO
  • world rank : 110
  • Regional Ranking : 17th in Sub-Saharan Africa