Tanzania, Russia Near Deal on Local Currency Trade Payments as Economic Ties Deepen




By Our Correspondent, TBN, Moscow

Tanzania and Russia are in the final stages of negotiations on a payment settlement mechanism aimed at strengthening trade between the two countries.

The statement was made by the Minister of State in the President’s Office for Planning and Investment, Professor Kitila Mkumbo, during an interview with journalists accompanying President Samia Suluhu Hassan on her state visit to Russia.

Professor Mkumbo said the two nations are expected to sign the relevant agreements before the conclusion of the visit.

He noted that the current trade volume between Tanzania and Russia stands at approximately US$200 million, adding that the agreement will create new opportunities for enhanced cooperation in investment and trade.

According to the Minister, the arrangement will include the use of the Tanzanian shilling in trade transactions between the two countries.

He further stated that Russia, which previously played a role in supporting political liberation efforts, is now poised to contribute to Tanzania’s economic transformation. He highlighted Russia’s strengths in agriculture, agro-processing, manufacturing, improved seed production, and mining, saying these sectors will significantly support the implementation of Tanzania’s Development Vision 2050, which is set to take effect in July this year.

Professor Mkumbo also said that one of the major benefits of the visit is the prospect of facilitating the construction of the Southern Railway through a Public-Private Partnership (PPP) arrangement.

Additionally, he revealed that Tanzania and Russia are in the final stages of negotiations on an agreement that will enable Air Tanzania to operate direct flights between Dar es Salaam and Moscow, a move expected to enhance communication, tourism, and business exchanges between the two countries.

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