President Samia Suluhu of Tanzania

  • According to Suluhu, the country's economy is more secure than the economies of any other East African nation.
  • She said that Tanzania has been getting inquiries from neighbouring countries that are having difficulty obtaining dollars to safeguard their petroleum product imports.

On Wednesday, President Samia Suluhu of Tanzania reassured people that the nation is in a favourable economic state, in contrast to other neighbouring countries, the names of which she did not mention.

During a gathering for International Women's Day that was planned by an opposition group, Suluhu made the statement that the nation is more financially successful than any other East African government.

"Dear brethren and sisters, I wanted to tell you that the economic situation in Tanzania is favourable. Nobody can tell you a different story about the fact that we are superior to other nations in the East African area.

"Right now, every country is griping about dollar scarcity while we have more than enough to last us for four months," said Suluhu. "We have enough to last us for more than four months."

She said that Tanzania has been getting inquiries from neighbouring countries that are having difficulty obtaining dollars to safeguard their petroleum product imports.

"Go ask our neighbours; they don't even have a two-week supply."
"They're out of luck."

"We are accepting preorders to safeguard their oil resources, but now we've been trying to pretend that the economy is terrible for us as well," said the first female president of Kenya's southern neighbour, which is Tanzania.

"We have just been pretending that the situation is bad for us as well." "So that they can continue boasting about their declining economy," she added. 

"We are doing rather well, and if we can maintain our unity, our economy will become much more robust."

One of the countries that are struggling with a severe lack of US dollars is Kenya. This crisis has been believed to be due to the tension that comes from having to repay external debt.

Recent months have seen a meteoric rise in the demand for foreign currency as a result of a spike in the costs of a variety of goods on a worldwide scale, including gasoline, food items, cooking oil, and steel, amongst others.

The Central Bank of Kenya (CBK) reported last week that the country's forex reserves fell to $6.6 billion (Ksh. 845.46 billion) on March 2 from $6.86 billion (Ksh. 878.76 billion) on February 23. This information was based on data that was released in the previous week.

Yet even though CBK Governor Patrick Njoroge has consistently minimized the severity of the deficit, this level of import cover, at 3.69 months, is below the threshold of four months that was established.

This week, vehicles have been denied access to some filling stations due to concerns about an impending fuel crisis that might affect the whole nation soon. 

A source at the Kenya Pipeline confirmed on Tuesday that there is no fuel shortage in the nation and that the nation still has sufficient stocks to endure for at least 16 more days.

He linked the apparent scarcity of fuel that was impacting some fuel stations to a lack of dollars in circulation, saying that this prevented the stations from being able to acquire petroleum supplies.

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