Tanzania moves to shield economy from global shocks amid Middle East tensions

Tanzania has completed a preliminary assessment of the economic impact of the ongoing Middle East tensions, with Prime Minister Mwigulu Nchemba saying that the country is taking decisive steps to protect its development agenda.



Speaking during a question-and-answer session in the National Assembly on Thursday, Nchemba said the conflict, alongside earlier tensions in Eastern Europe, has triggered widespread global disruptions affecting trade, supply chains, financial markets, and key sectors such as aviation and mining.



Nchemba said initial government assessments indicate immediate increases in fuel and insurance costs, as well as potential disruptions in global financing flows relied upon by both the government and private sector.



To cushion the economy, he said the government will prioritize domestic resource mobilization, aiming to reduce reliance on volatile international markets.