Socio-Economic Development in Tanzania: Foreign Debt and Tourism Promotion Perspective

The general objective of this article is to examines socio-economic development in Tanzania in line with foreign debt and tourism promotion perspective. The study used both quantitative and qualitative approaches. Quantitative model included econometric and descriptive statistics. The study has found that there is a positive relationship between foreign debt and economic growth in the long-run in Tanzania. This implies that foreign debt is important for socio-economic development; of course, to some limit. Similar relations apply to foreign debt service. The study also justifies tourism promotion .it shows that, foreign currency from tourism and the contribution of tourism to GDP positively move together over time. The study recommends, among others, appropriate use of foreign currency from foreign debt and investing in various sectoral sustainable development projects including those from tourism.