The third phase government under President Benjamin Mkapa vigorously sustained economic reforms that were first introduced in Tanzania the mid-1980s. The resulting macroeconomic achievements of recent years have been impressive, especially since the second half of the last decade. In 2004, GDP growth reached 6.7%, the average inflation rate declined from 27% in 1995 to 4%, domestic revenue collection increased threefold between 1995 and 2004, and the value of exports increased by 18% in 2004 alone. Furthermore, the balance of payments has improved to the extent that currently, Tanzania has foreign exchange reserves sufficient to cover 7 months imports of goods and services.
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