External Debt Stock by Borrower
Who is responsible for Tanzania's external debt — central government, private sector, and public corporations
Borrower Structure at a Glance March 2026
Tanzania's external debt of USD 35,540.2 million is predominantly owed by the central government (82.7%). The private sector accounts for 17.3%, while public corporations have completely eliminated their external debt obligations.
Source: Bank of Tanzania, Table 2.7.1. All figures in USD millions.
External Debt by Borrower — Three-Period Comparison Mar-25 · Feb-26 · Mar-26
Full breakdown of disbursed outstanding debt (DOD), interest arrears, and total stock across all borrower categories over the three most recent reporting periods.
| Borrower / Component | Mar-25 (USD M) | Share % | Feb-26 (USD M) | Share % | Mar-26 (USD M) | Share % | 12-Month Δ |
|---|---|---|---|---|---|---|---|
| 🏛️ Central Government — TOTAL | 26,789.5 | 80.5% | 29,684.8 | 82.9% | 29,398.5 | 82.7% | ▲ +9.7% |
| — Disbursed Outstanding (DOD) | 26,712.0 | 80.3% | 29,604.6 | 82.6% | 29,318.6 | 82.5% | ▲ +9.7% |
| — Interest Arrears | 77.5 | 0.2% | 80.2 | 0.2% | 80.0 | 0.2% | ▲ Slight increase |
| 🏢 Private Sector — TOTAL | 6,491.0 | 19.5% | 6,139.9 | 17.1% | 6,141.7 | 17.3% | ▼ -5.4% |
| — Disbursed Outstanding (DOD) | 5,912.1 | 17.8% | 5,738.4 | 16.0% | 5,723.0 | 16.1% | ▼ -3.2% |
| — Interest Arrears | 578.9 | 1.7% | 401.5 | 1.1% | 418.7 | 1.2% | ▼ Improving |
| 🏗️ Public Corporations — TOTAL | 3.8 | 0.0% | 0.0 | 0.0% | 0.0 | 0.0% | ✓ Cleared |
| — Disbursed Outstanding (DOD) | 3.8 | 0.0% | 0.0 | 0.0% | 0.0 | 0.0% | ✓ Cleared |
| 🇹🇿 TOTAL EXTERNAL DEBT STOCK | 33,284.3 | 100.0% | 35,824.7 | 100.0% | 35,540.2 | 100.0% | ▲ +6.8% |
Source: Bank of Tanzania, Table 2.7.1 External Debt Stock by Borrower. DOD = Disbursed Outstanding Debt. r = revised; p = provisional.
External Debt Stock — Monthly Trend Mar 2025 – Mar 2026
Total external debt stock rose from USD 33.3 billion in March 2025, peaked at USD 35.8 billion in February 2026, then eased slightly to USD 35.5 billion in March 2026 — reflecting repayments outpacing new disbursements in the month.
Source: Bank of Tanzania, Table A10 National Debt Developments.
Disbursed Outstanding Debt by Use of Funds
Percentage share of external debt by sector/purpose — what Tanzania's borrowed money has been deployed for
Sector Allocation Overview March 2026 — % Share
Tanzania's disbursed outstanding external debt is allocated across ten functional categories. Balance of payments & budget support and transport & telecommunications together account for 44.5% of all disbursed debt, followed by social welfare & education at 19.2%.
USD equivalents estimated as % × USD 35,540.2M DOD. Source: Bank of Tanzania, Table 2.7.3, March 2026.
Use of Funds — Three-Period Comparison Mar-25 · Feb-26 · Mar-26
Percentage share of disbursed outstanding debt allocated to each sector across three consecutive reporting periods, revealing how the portfolio allocation has evolved.
| Sector / Purpose | Mar-25 (%) | Feb-26 (%) | Mar-26 (%) | Mar-26 (USD M est.) | Shift Mar25→Mar26 |
|---|---|---|---|---|---|
| 💰 Balance of Payments & Budget Support | 20.7% | 22.5% | 22.5% | ≈ 7,996M | ▲ +1.8pp |
| 🚢 Transport & Telecommunications | 21.4% | 22.0% | 22.0% | ≈ 7,819M | ▲ +0.6pp |
| 🎓 Social Welfare & Education | 20.0% | 19.4% | 19.2% | ≈ 6,824M | ▼ -0.8pp |
| ⚡ Energy & Mining | 13.1% | 12.0% | 12.0% | ≈ 4,265M | ▼ -1.1pp |
| 🌾 Agriculture | 4.9% | 5.3% | 5.3% | ≈ 1,884M | ▲ +0.4pp |
| 🏗️ Real Estate & Construction | 4.7% | 4.9% | 5.1% | ≈ 1,813M | ▲ +0.4pp |
| 📦 Other | 5.5% | 4.8% | 4.8% | ≈ 1,706M | ▼ -0.7pp |
| 🏭 Industries | 3.6% | 3.7% | 3.7% | ≈ 1,315M | ▲ +0.1pp |
| 💼 Finance & Insurance | 4.4% | 3.6% | 3.6% | ≈ 1,279M | ▼ -0.8pp |
| 🌴 Tourism | 1.8% | 1.8% | 1.8% | ≈ 640M | ◆ Stable |
| TOTAL (All Uses) | 100.0% | 100.0% | 100.0% | USD 35,540M | — |
Source: Bank of Tanzania, Table 2.7.3 Disbursed Outstanding Debt by Use of Funds, Percentage Share. Estimates in USD M = % × USD 35,540.2M (Mar-26 DOD).
Top Sector Allocation Trends Mar-25 → Mar-26
Tracking how the four largest use-of-funds categories have shifted as a share of disbursed outstanding debt over the review period.
Source: Bank of Tanzania, Table 2.7.3.
Disbursed Outstanding Debt by Currency Composition
Which currencies Tanzania's external debt is denominated in — and the foreign exchange risk this creates
Currency Exposure — March 2026 % Share of DOD
Tanzania's external debt is dominated by the US dollar (66.7%), followed by the Euro (17.7%), Chinese Yuan (6.6%), and other currencies (9.0%). This concentration creates significant foreign exchange risk — shilling depreciation automatically inflates the TZS-equivalent debt burden.
Source: Bank of Tanzania, Table 2.7.4.
Currency Composition — Three-Period Comparison Mar-25 · Feb-26 · Mar-26
How the currency mix of Tanzania's external debt has evolved across three reporting periods, and the direction of each currency's share.
| Currency | Mar-25 (%) | Feb-26 (%) | Mar-26 (%) | Mar-26 Amt (USD M est.) | Mar-26 TZS Equiv. | Trend (12M) |
|---|---|---|---|---|---|---|
| 🇺🇸 United States Dollar (USD) | 67.3% | 66.0% | 66.7% | ≈ 23,705M | ≈ TZS 61.1T | ▼ -0.6pp |
| 🇪🇺 Euro (EUR) | 16.9% | 17.7% | 17.7% | ≈ 6,291M | ≈ TZS 16.2T | ▲ +0.8pp |
| 🇨🇳 Chinese Yuan (CNY) | 6.3% | 6.5% | 6.6% | ≈ 2,346M | ≈ TZS 6.0T | ▲ +0.3pp |
| 🌐 Other (SDR, JPY, GBP, etc.) | 9.5% | 9.7% | 9.0% | ≈ 3,199M | ≈ TZS 8.2T | ▼ -0.5pp |
| TOTAL | 100.0% | 100.0% | 100.0% | USD 35,540M | ≈ TZS 91.6T | — |
Source: Bank of Tanzania, Table 2.7.4 Disbursed Outstanding Debt by Currency Composition, Percentage Share. TZS estimates = % × USD 35,540.2M × 2,577.4.
Currency Share Trend Mar-25 → Mar-26
Tracking the slow but meaningful shift in currency composition — USD slightly declining, EUR and CNY growing, reflecting Tanzania's diversification of creditor relationships.
Source: Bank of Tanzania, Table 2.7.4 Disbursed Outstanding Debt by Currency Composition.
| Scenario | TZS/USD Rate | USD-Debt TZS Equiv. | EUR-Debt TZS Equiv. | Total Ext. Debt (TZS T) | Change vs Baseline |
|---|---|---|---|---|---|
| 🟢 Appreciation +5% (TZS Stronger) | 2,448 | ≈ TZS 58.0T | ≈ TZS 15.4T | ≈ TZS 86.9T | ▼ TZS -4.7T |
| ◆ Baseline (March 2026) | 2,577 | ≈ TZS 61.1T | ≈ TZS 16.2T | ≈ TZS 91.6T | ◆ Reference |
| 🔴 Depreciation -5% (TZS Weaker) | 2,706 | ≈ TZS 64.2T | ≈ TZS 17.0T | ≈ TZS 96.1T | ▲ TZS +4.5T |
| 🔴🔴 Depreciation -10% (Stress) | 2,835 | ≈ TZS 67.3T | ≈ TZS 17.9T | ≈ TZS 100.7T | ▲ TZS +9.1T |
Illustrative sensitivity analysis. USD and EUR debt assumed at 66.7% and 17.7% of DOD USD 35,540M respectively. Other currencies excluded for simplicity. For indicative purposes only.
TICGL Synthesis — Three Structural Insights
Key takeaways from Tanzania's external debt composition for investors and policymakers
👤 Borrower Risk
Central government's rising share (82.7%) signals growing sovereign debt concentration. Private sector contraction (-5.4% y/y) may reflect tighter international credit conditions. The elimination of public corporation debt (USD 0) is a positive development in portfolio quality.
📦 Allocation Quality
The top three uses — BoP & budget support (22.5%), transport (22%), and social welfare (19.2%) — reflect a blend of productive infrastructure investment and consumption-smoothing. The declining energy & mining share (12%, down from 13.1%) may reflect project completion cycles.
💱 Currency Resilience
USD dominance at 66.7% is the single largest structural risk in Tanzania's external debt portfolio. However, the current 2.52% annual appreciation of the shilling provides a favourable window. Rising CNY share (6.6%) reflects deepening China-Tanzania economic ties through Belt & Road financing.
All data is sourced from the Bank of Tanzania Monthly Economic Review, April 2026, covering data as at March 2026. Specific tables referenced: Table 2.7.1 (External Debt Stock by Borrower), Table 2.7.3 (Disbursed Outstanding Debt by Use of Funds, Percentage Share), Table 2.7.4 (Disbursed Outstanding Debt by Currency Composition, Percentage Share), and Table A10 (National Debt Developments, monthly series). USD-to-TZS conversions use the end-of-period March 2026 exchange rate of TZS 2,577.4 per USD (from Table A10). Estimated USD amounts by sector/currency are calculated as percentage × total DOD of USD 35,540.2 million. Exchange rate sensitivity analysis is illustrative only. Analysis and editorial commentary by TICGL Economic Research, May 2026. This page is for informational and educational purposes only and does not constitute financial, investment, or legal advice.