(Bloomberg) -- Tanzania's parliamentary Speaker Job Ndugai resigned after he made controversial remarks on the nation's debt and fell out with the country's president.
Ndugai publicly commented on increased state borrowing last week, attracting a backlash from several government leaders who said the debt is sustainable. President Samia Suluhu Hassan at a Jan. 4 conference condemned leaders for criticizing economic policies for political expediency. She didn't mention Ndugai by name.
Tanzania ramped up borrowing to finance projects, including developing of railroads and power plants, increasing the national debt by $5 billion to $36.1 billion in the year through November, central bank data show. The government expects the budget deficit to remain below 3% of gross domestic product in 2022-23, compared with a target of 2.6% for the current fiscal period.
Ndugai said in a statement on Thursday that he stepped down to further the “wider national interests.” He didn't provide further details.
Tanzania Plans to Increase Spending by 7.4% in 2022-23 Budget
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