Dar es Salaam, Tanzania:
Tanzanians are set to see relief in prices of Food and Non-Alcoholic Beverages in the first quarter of 2023 as the The National Bureau of Statistics (NBS) projects a drop in inflation rate.
NBS’s statistician General, Dr Albina Chuwa said the bureau projects that Food and Non-Alcoholic Beverages will drop to 8.4 percent in the first three months of 2023 a decline from 9.7 percent that was recorded in December 2022.
Dr Chuwa was speaking on Wednesday, January 18 during a session to discuss state of economy.
“Our projections are positive and are on the back of the expected harvest of grain crops across the country, as well as subsidies provided in fertilizer and different relief policies by the government,” she said.
Dr Chuwa said overall country’s inflation rate will remain sustainable and at a single digit.
According to data by the NBS, by December Tanzania inflation rate declined slightly to 4.8 compared to 4.9 percent recorded in November, 2022 indicating a slower speed in the consumer price increase.
The Tanzania inflation rate though high, remained consistent with the country’s target of 5.4 percent for 2022/23.
The rate was also in line with the East African Community (EAC) and Southern African Development Community (SADC) convergence criteria of a maximum of 8 percent and a range of 3-7 percent, respectively.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
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