Tanzania: Govt Acts Swiftly to Quell Impact of Cyclone Hidaya

Tanzania: Govt Acts Swiftly to Quell Impact of Cyclone Hidaya

Dodoma — PRIME Minister Kassim Majaliwa has informed the National Assembly that the tropical cyclone Hidaya that hit the coastal areas of the country last weekend, has claimed the lives of five people, leaving seven others injured and 7, 027 households with 18,862 people affected.

He said the government will continue providing humanitarian aid to persons who have been affected by the tropical cyclone Hidaya in the areas of Kilwa, Mafia, Rufiji and Ifakara.

According to him, the government’s support has engaged all sectoral ministries, Regional and District Commissioners offices, Disaster Management Committee as well as all key important stakeholders.

The premier issued the statement in the House yesterday, when issuing a statement over the cyclone Hidaya disaster which occurred on May 3rd this year in the areas surrounded by the Indian Ocean.

According to him, some of the steps taken in the Kilwa District included an exercise to rescue Tanzanians, where about 4,080 people have so far been saved in different areas.

“Another step taken is to rehabilitate roads infrastructure around the main Lindi – Dar es Salaam Road whereas the Tanzania National Roads Agency (TANROADS) officials are on the site and continuing with their responsibilities, and efforts are being made to bring back to order the Somanga – Mtama bridge so that vehicles that are currently stuck continue with their journey,” he noted.

The Prime Minister said that further steps taken in Rufiji and Kibiti districts include providing psychological services and treating the posttraumatic stress disorders to 1,941 affected persons (1,501 Kibiti and 440 Rufiji) as well as providing sanitation education, children defence and security protection to 1,023 children (583 Kibiti and 440 Rufiji).

In Mafia District, Mr Majaliwa noted, the steps taken were reuniting families of the affected persons and their neighbours so that they get temporary shelter especially the families whose houses have been surrounded by water.

In Kilwa District, the premier said that the government had established temporary shelter of the affected families to primary schools, whereas currently citizens were being camped at three different centres of Mchakama, Ruhatwe and Ndende Primary Schools.

“Also, he said, food had been provided to the affected families and that the disaster management team in Kilwa District was being strengthened including forming small sub-committees in efforts to increase efficiency in coordination and supervision of the disaster that occurred,” he said.

In another development, Mr Majaliwa said that rescue missions had been heightened by taking a Fiber Boat via the Fire and Rescue Force, where the affected persons were being ferried to Somanga town.

“They are healthy and services are being provided timely,” he said, adding that in schools that had been surrounded by water, 92 Form Six students had been transferred to another examination centre of FDC. Earlier this week, President Samia Suluhu Hassan directed the National Disaster Management Committee to deliver emergency services to areas affected by tropical Cyclone Hidaya.

On May 3rd this year, the country experienced a cyclone called ‘Hidaya’ due to low pressure (bad system), which was associated with strong winds and heavy rainfall.

In Mtwara Region, people were rendered homeless after their houses were adversely destroyed by the disaster. Until now in Mtwara Municipality, the government is still taking measures to reunite the affected families.

Source: allafrica.com

Original Media Source

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Britam half-year net profit hits Sh2bn on higher investment income
Tanzania Foreign Investment News
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Britam half-year net profit hits Sh2bn on higher investment income

Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.

The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.

“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.

“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”

The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.

Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.

The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.

Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.

The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.

Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.

“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.

Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.

Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.

CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.

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