National Debt Overview — March 2026
Total debt stock, year-on-year change, and structure in TZS and USD
Tanzania's Total Debt Stock at a Glance
March 2026Tanzania's national debt decreased slightly by 1.2% month-on-month from USD 51,078.3 million at the end of February 2026 to USD 50,457.5 million at the end of March 2026. Of this, 70.4% was external debt (USD 35,540.2 million) and 29.6% was domestic debt (TZS 38,447.9 billion).
Conversion: USD figures × TZS 2,577.4/USD (end-March 2026 rate). Source: Ministry of Finance, Bank of Tanzania, Table A10 & Section 2.7.
National Debt Growth Trajectory — TZS Terms
2018 – March 2026Tanzania's total debt has grown substantially over the past eight years, both in absolute terms and in TZS value — compounded by exchange rate movements.
External debt converted at prevailing period exchange rates. Domestic debt in TZS. Source: BOT Table A10, Table A1, Section 2.7.
External Debt — TZS 91.6 Trillion
Public & private external debt by borrower, creditor, currency, and use of funds
External Debt by Borrower March 2026
Central government accounts for the vast majority of Tanzania's external debt at 82.7%, while the private sector holds 17.3%. Public corporations have no outstanding external debt.
| Borrower Category | Amount (USD M) | Amount (TZS B) | Share % | Mar-25 (USD M) | 12M Change |
|---|---|---|---|---|---|
| Central Government — Total | 29,398.5 | 75,774.3 | 82.7% | 26,789.5 | ▲ +9.7% |
| — Disbursed Outstanding (DOD) | 29,318.6 | 75,567.5 | 82.5% | 26,712.0 | ▲ +9.7% |
| — Interest Arrears | 80.0 | 206.2 | 0.2% | 77.5 | ▲ Slight rise |
| Private Sector — Total | 6,141.7 | 15,829.3 | 17.3% | 6,491.0 | ▼ -5.4% |
| — Disbursed Outstanding (DOD) | 5,723.0 | 14,752.1 | 16.1% | 5,912.1 | ▼ -3.2% |
| — Interest Arrears | 418.7 | 1,079.1 | 1.2% | 578.9 | ▼ Declining |
| Public Corporations | 0.0 | 0.0 | 0.0% | 3.8 | ✓ Cleared |
| Total External Debt Stock | 35,540.2 | 91,603.7 | 100.0% | 33,284.3 | ▲ +6.8% |
Conversion: USD × TZS 2,577.4 = TZS equivalent. Source: Bank of Tanzania, Table 2.7.1.
External Debt by Creditor March 2026
Multilateral institutions remain Tanzania's largest creditor at 57.8% of external debt — dominated by the World Bank and IMF — followed by commercial lenders (35.8%) and bilateral creditors (4.4%).
| Creditor Type | USD M (Mar-26) | TZS Billion | Share % | USD M (Mar-25) | Change |
|---|---|---|---|---|---|
| 🏛️ Multilateral Institutions | 20,543.5 | 52,966.1 | 57.8% | 18,634.0 | ▲ +10.2% |
| — Disbursed Outstanding | 20,520.8 | 52,907.5 | 57.7% | 18,602.0 | — |
| 🏦 Commercial Lenders | 12,717.2 | 32,779.5 | 35.8% | 12,117.8 | ▲ +4.9% |
| — Disbursed Outstanding | 12,376.5 | 31,901.8 | 34.8% | 11,744.3 | — |
| — Interest Arrears | 340.6 | 877.9 | 1.0% | 373.5 | — |
| 🤝 Bilateral | 1,551.5 | 3,998.2 | 4.4% | 1,405.1 | ▲ +10.4% |
| 📦 Export Credits | 728.0 | 1,876.4 | 2.0% | 1,127.4 | ▼ -35.4% |
| Total External Debt | 35,540.2 | 91,620.2 | 100.0% | 33,284.3 | ▲ +6.8% |
Source: Bank of Tanzania, Table 2.7.2. TZS = USD × 2,577.4.
Currency Composition of External Debt March 2026
The US dollar dominates Tanzania's external debt at 66.7%, creating significant currency risk — any TZS depreciation automatically increases the TZS-equivalent debt burden without any new borrowing.
| Currency | Mar-25 Share | Feb-26 Share | Mar-26 Share | Est. TZS Trillion (Mar-26) | Trend |
|---|---|---|---|---|---|
| 🇺🇸 US Dollar (USD) | 67.3% | 66.0% | 66.7% | ≈ TZS 61.1T | ◆ Relatively stable |
| 🇪🇺 Euro (EUR) | 16.9% | 17.7% | 17.7% | ≈ TZS 16.2T | ▲ Slightly rising |
| 🇨🇳 Chinese Yuan (CNY) | 6.3% | 6.5% | 6.6% | ≈ TZS 6.0T | ▲ Growing |
| 🌐 Other Currencies | 9.5% | 9.7% | 9.0% | ≈ TZS 8.2T | ▼ Slightly declining |
| Total External Debt | 100.0% | 100.0% | 100.0% | ≈ TZS 91.6T | — |
Source: Bank of Tanzania, Table 2.7.4. TZS equivalents estimated using 66.7% of USD 35,540.2M × 2,577.4, etc.
External Debt by Use of Funds March 2026
Where has Tanzania's external borrowing been deployed? Transport and telecommunications, and balance of payments support together account for 44.5% of disbursed outstanding debt.
Source: Bank of Tanzania, Table 2.7.3. March 2026 disbursed outstanding debt by use of funds.
Domestic Debt — TZS 38.4 Trillion
Government domestic debt: instruments, creditors, and servicing — March 2026
Domestic Debt Structure March 2026
Tanzania's domestic debt stood at TZS 38,447.9 billion (≈ TZS 38.4 trillion) at end-March 2026, slightly below TZS 38,781.7 billion at end-February 2026. The portfolio is dominated by Treasury bonds at 82.2%.
| Instrument | Mar-25 (TZS B) | Feb-26 (TZS B) | Mar-26 (TZS B) | Mar-26 (TZS T) | Share % | 12M Change |
|---|---|---|---|---|---|---|
| 🏆 Government Bonds (T-Bonds) | 27,237.2 | 31,333.2 | 31,609.9 | ≈ TZS 31.6T | 82.2% | ▲ +16.1% |
| Treasury Bills (T-Bills) | 1,888.8 | 1,653.0 | 1,575.3 | ≈ TZS 1.6T | 4.1% | ▼ -16.6% |
| Government Stocks | 187.1 | 135.7 | 135.7 | ≈ TZS 0.1T | 0.4% | ▼ -27.5% |
| Tax Certificates | 0.1 | 0.1 | 0.1 | Negligible | 0.0% | ◆ Stable |
| Overdraft (Non-Securitised) | 4,923.9 | 5,659.6 | 5,126.8 | ≈ TZS 5.1T | 13.3% | ▲ +4.1% |
| Total Domestic Debt | 34,255.4 | 38,781.7 | 38,447.9 | ≈ TZS 38.4T | 100.0% | ▲ +12.2% |
Source: Bank of Tanzania, Table 2.7.5 Government Domestic Debt by Borrowing Instruments. March 2026.
Domestic Debt by Holder March 2026
Commercial banks and pension funds together hold more than half of Tanzania's domestic debt, reflecting the role of government paper in institutional investment portfolios.
| Holder Category | Mar-25 (TZS B) | Feb-26 (TZS B) | Mar-26 (TZS B) | Mar-26 (TZS T) | Share % |
|---|---|---|---|---|---|
| 🏦 Commercial Banks | 9,948.4 | 10,834.3 | 10,925.8 | ≈ TZS 10.9T | 28.4% |
| 🏗️ Pension Funds | 9,091.5 | 10,463.9 | 10,463.9 | ≈ TZS 10.5T | 27.2% |
| 🏛️ Bank of Tanzania | 6,883.9 | 7,468.4 | 6,935.5 | ≈ TZS 6.9T | 18.0% |
| 🛡️ Insurance Companies | 1,845.5 | 1,983.5 | 1,997.1 | ≈ TZS 2.0T | 5.2% |
| 💰 BOT Special Funds | 555.7 | 757.8 | 788.4 | ≈ TZS 0.8T | 2.1% |
| 📋 Others | 5,930.3 | 7,273.8 | 7,337.0 | ≈ TZS 7.3T | 19.1% |
| Total Domestic Debt | 34,255.4 | 38,781.7 | 38,447.9 | ≈ TZS 38.4T | 100.0% |
Source: Bank of Tanzania, Table 2.7.6 Government Domestic Debt by Creditor Category.
Debt Per Tanzanian — Detailed Breakdown
What TZS 1,884,695 per citizen means in context, and how it has grown over time
Per-Citizen Debt Breakdown — March 2026
69 Million Population Basis| Debt Component | Total (TZS Billion) | Per Citizen (TZS) | Per Citizen (USD) | Family of 5 (TZS) |
|---|---|---|---|---|
| 🌍 External Debt (all) | 91,603.7 | 1,327,590 | USD 515 | 6,637,950 |
| — Central Govt External | 75,774.3 | 1,098,177 | USD 426 | 5,490,884 |
| — Private Sector External | 15,829.3 | 229,410 | USD 89 | 1,147,052 |
| 🏦 Domestic Debt (all) | 38,447.9 | 557,216 | USD 216 | 2,786,081 |
| — Treasury Bonds | 31,609.9 | 458,114 | USD 178 | 2,290,570 |
| — Overdraft (BOT) | 5,126.8 | 74,302 | USD 29 | 371,510 |
| — Treasury Bills | 1,575.3 | 22,831 | USD 9 | 114,155 |
| 🇹🇿 TOTAL NATIONAL DEBT | 130,051.6 | TZS 1,884,806 | USD 731 | TZS 9,424,031 |
Calculations: Total TZS debt ÷ 69,000,000 population. External converted at TZS 2,577.4/USD. Source: BOT MER April 2026.
Estimated per-citizen figures use population estimates for each year. March 2026: 69M population confirmed basis.
What Does TZS 1.88 Million Per Citizen Mean? Context & Comparisons
Putting the per-citizen debt burden in the context of Tanzania's income, wage levels, and what this represents in practical terms.
| Comparison Benchmark | Value (TZS) | Debt as Multiple | Interpretation |
|---|---|---|---|
| 👤 Per-Citizen Debt Share | TZS 1,884,695 | 1.0× baseline | ~USD 731 per person |
| 💼 Tanzania GDP per capita (2024) | TZS ~3,234,900 | 0.58× GDP/capita | Debt = ~58% of annual income |
| 🏙️ Urban Minimum Wage (est.) | TZS ~400,000/month | 4.7 months wages | Nearly 5 months of min. wage |
| 🌾 Rural Household Income (est.) | TZS ~150,000/month | 12.6 months income | Over 1 year's rural income |
| 🚌 Annual Transport Cost (Dar) | TZS ~360,000 | 5.2× annual transport | Over 5 years of commuting |
| 🏫 Primary School Fees (private) | TZS ~300,000/year | 6.3 years of fees | Six years of school per child |
| 👨👩👧👦 Household of 5 Citizens | TZS 9,423,475 | 2.9× annual min-wage | Nearly TZS 9.4 million per family |
Per-capita GDP from BOT Table A1 (2024 figure; 2025 not yet available). Other comparisons estimated from public data. All TZS figures approximate.
Debt Sustainability Assessment
Is Tanzania's debt trajectory manageable? Key ratios, risks, and resilience factors
Key Debt Sustainability Indicators March 2026
| Sustainability Indicator | Current Status | Warning Threshold | Assessment |
|---|---|---|---|
| Total Debt / GDP ratio | ~63% | 70% (IMF benchmark) | ✓ Below threshold |
| External Debt / GDP | ~44% | 55% (DSF for Tanzania) | ✓ Below threshold |
| Debt Service / Exports | ~17% | 20% (DSF threshold) | ✓ Within range |
| Budget Deficit / GDP | -3.0% | -5.0% (EAC benchmark) | ✓ Manageable |
| FX Reserves Coverage | 4.7 months | 4.0 months (EAC/SADC) | ✓ Above benchmark |
| Interest Arrears Trend | Declining | Should be zero | ⚠ Still present |
| Commercial Debt Share | 35.8% of external | Should be minimised | ⚠ Watch closely |
| USD Concentration | 66.7% of external | High FX risk | ⚠ Currency risk |
Thresholds: IMF/World Bank Debt Sustainability Framework (DSF) for low-income countries. GDP estimate based on BOT and NBS data.
All debt data is sourced from the Bank of Tanzania Monthly Economic Review, April 2026 (Section 2.7 Debt Developments, covering March 2026 data). Tables referenced: Table A10 (National Debt Developments), Table 2.7.1 (External Debt by Borrower), Table 2.7.2 (External Debt by Creditors), Table 2.7.3 (Use of Funds), Table 2.7.4 (Currency Composition), Table 2.7.5 (Domestic Debt by Instrument), Table 2.7.6 (Domestic Debt by Creditor). Currency Conversion: USD external debt converted at TZS 2,577.4/USD (end-of-period March 2026 exchange rate, from Table A10). Per-Citizen Calculation: Total TZS debt (external + domestic) ÷ 69,000,000 population. Population: 69 million as specified. Analysis, commentary, and per-citizen calculations by TICGL Economic Research, May 2026. This page is for informational and educational purposes only and does not constitute financial, investment, or legal advice.