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MP asks Tanzanian govt to introduce formalization fund for  locals  wider participation 

Speaking in the Parliament today in Dodoma , the MP said the programme did not bear fruits as intended by the government so  changes must be made.

MP asks Tanzanian govt to introduce formalization fund for  locals  wider participation 

Speaking in the Parliament today in Dodoma , the MP said the programme did not bear fruits as intended by the government so  changes must be made.

10 November 2017 Friday 14:05
MP asks Tanzanian govt to introduce formalization fund for  locals  wider participation 

By Azania Post Reporter

MPWAPWA Legislator, George Lubeleje has proposed the government to come with a bill that would change Property and Business Formalisation Programme (PBFP) into a Fund in order to enable more Tanzanians benefits..

Speaking in the Parliament today in Dodoma , the MP said the programme did not bear fruits as intended by the government so  changes must be made.

“In my constituency only one village has been benefited with the programe, I propose  that the government should bring  a bill that would change it into a fund,” he said

Responding, the Minister  of State in the President's Office (Public Service and Good Governance) George Mkuchika, said the government had  plans to establish formalization fund in near future.

“We will take your advice Mr Lubeleje, if  it is viable , I will bring a bill here so that we change the FBFP  into a fund”, he said.

Mkuchika said once established the Fund would play a key role in economic development activities to Tanzanians particularly those living in rural areas.

“We will invest money in commercial banks, where the  district councils would be allowed to take loans for the development of Tanzanians,” he said.

 Studies on the informal sector in Tanzania indicate that more than 90 per cent of properties and business activities in the country operate in the extra-legal sector.

A total of 110,331 farms in 208 villages have been surveyed under PBFP and granted to the people 65,600 customary land title.

Experts say by setting up and implementing a programme of formalisation and registration, the poor will continue gaining access to credit and the protection of the legal system afforded by those in the formal sector.

The idea here is that by entering into a Fund , vast amounts of capital will be brought to life, helping the poor. -.

By implication, policies and strategies targeting economic growth and poverty reduction in Tanzania should fundamentally deal with activities in the informal sector.

The programme should continue focusing on imparting titles to the poor that are freely tradable and that are acceptable by banks as security for loans.

In an attempt to reduce poverty prevalence among the majority poor, it is high time that more resources are directed on the proposed Fund to increase the sector’s contribution to economic growth.

Azania Post

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