Ministry of Finance and Economic Affairs, Tanzania

The mission of the Ministry of Finance and Economic Affairs is to achieve and maintain high economic growth, macro-economic stability, sound financial management through development of robust fiscal and monetary policies and enhancing professionalism and promote the use of Information Technology (IT). The Ministry of Finance and Economic Affairs manages the overall revenue, expenditure and financing of the Government of the United Republic of Tanzania and provides the Government with advice on the broad financial affairs of Tanzania in support of the Government’s economic and social objectives. The Ministry oversees budget preparation and execution. Each year in June, we present the Budget Speech to Parliament, which contains the Government’s fiscal revenue, expenditure and financing policies and plans. The Ministry monitors fiscal developments during the year and reports to Parliament. The Ministry also formulates and manages revenue policies and legislation that are presented to Parliament. Its responsibilities include preparing the Central Government budget; developing tax policy and legislation; managing Government borrowings on financial markets; determining expenditure allocations to different Government institutions; transferring central grants to local governments; developing regulatory policy for the country's financial sector in cooperation with the Bank of Tanzania and representing Tanzania within international financial institutions. The Ministry is also vitally concerned with the performance of the Tanzanian economy, international trade, monetary affairs and other aspects of the global economy that affect Tanzania’s domestic performance. Given the Ministry's wide-ranging advice and policy role, Ministry officials work closely with officials in other Ministries, agencies and departments to ensure that the Government’s overarching poverty reduction strategies are implemented and objectives attained. Because the Ministry’s work directly affects all Tanzanians, it is actively engaged in public consultations – examples include the Task Force on Tax Reforms and the Public Expenditure Review. The Ministry recognizes that an open, accessible budget-planning process plays an important role in more effective, responsive decision-making. This is an integral element of the Ministry’s Client Service Charte