Tanzania: Billions ‘Excluded from the National Debt’ shows failure of Capitalism

The Citizen reported: The staggering national debt, which stands at TShs 22 trillion does not include all the money the government owes various creditors, The Citizen has established. If other liabilities are considered, the size of the national debt would be bigger than what is currently reported.

The report of the Controller and Auditor General (CAG) for the financial year ending on June 30, 2012 shows a number of liabilities which would add to the debt if they were taken into account. These include guarantees extended by the government to institutions and organizations which have no ability to honour their commitments.

The complex national debt situation is further compounded by the government’s failure to consolidate its accounts to give a clearer picture of its financial position. [The Citizen Monday, 15 April 2013]

The high level of debt like this is a disaster and a cancer that has settled in our young countries. It is also an indication of failure by the Capitalist system to solve world economic problems as recently witnessed even in their countries following the economic tragedy in Cyprus.

This situation is a pointer that our young countries even if they pride themselves as being independent, they are actually not. Instead, they are under the claws of neo-colonialism which will continue to devour and destroy the ordinary public to achieve the interests of the big states through their multinational companies.

In such a situation, good life for the ordinary public in these countries under Capitalism is a dream. This is despite being cheated every five years with the facial change of a ruler for another yet the evil system remains in place.

A lasting solution is for mankind to remove the whole Capitalist ideology with its systems be they economic, political or social. Thereafter, the world will be liberated from such calamities.

Masoud Msellem

Deputy Media Representative

Hizb ut Tahrir East Africa