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Zanzibar Share IMF 1964

Zanzibar Share IMF 1964

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Published by Hassan Mussa Khamis
Zanzibar, Tanzania
Zanzibar, Tanzania

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Published by: Hassan Mussa Khamis on Apr 24, 2013
Copyright:Attribution Non-commercial

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07/10/2013

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DOCUMENT
OF
INTERNATIONAL MONETARY FUND
AND
NOTFOR
PUBLIC
USE
Ir.
Joseph
Gold
(1)
Room
305
EB/CM/Zanzibar/64/l
1111
March
19,
1964
To:Members
of
the
Committee on Membership -
Zanzibar
From:The
Secretary
Subject:
Zanzibar
-
Calculation
of
Quota
Attached
for
consideration
by
the
Committee
is
a
calculation
of
quota
for
the
Republic
of
Zanzibar
Att:
(1)Other
Distribution:
Members
of
the
Executive
Board
Department
Heads
Division
Chiefs
 
DOCUMENT OF
INTERNATIONAL MONETARY
FUND AND NOT
FOR
PUBUC
USE
INTERNATIONAL
MONETPl{YFUND
Calculation
of
Quota
for
the
Republic
of
ZanzibarPrepared
by
the
African
Department
(In
Consultation
with
the
Legal
Department
and
the
Office
of
the
Treasurer)
Approved
by
J.V.
!{ladekThe Government
of
Zanzibar
applied
for
membership
in
the
Fund
in
a
letter
dated
December
18,
1963
(EBD/63/l40).
Z&~zibar
became a
British
Protectorate
in
1890
with
the
Sultan
ruling
under
the
direction of
a
British
Resident.
Cn
December
10,
1963,
Zanzibar
became
an
independent
Sultanate.
On
January 12,
1964,
the
Sultan
was
deposed
and
the
countrydeclared
a
Republic.
1.
Background
Material
on
the
Economy
of
Zanzibar
The
Republic
of
Zanzibar
consists
of
two
islands
off
the
coast
of
East
Africa:
the
Island
of
Zanzibar,
1'lhich
is
22.5
ll1iles from
the
mainland
''lith
an
area
of
640
square
miles,
and
the
Island of
Pemba,
25
miles
to
the
north
of
Zanzibar
with
an
area
of
380
square
miles.
The combined
popula
tion
of
the
two
islands
is
estimated
at
320,000,
of
which
Zanzibar
Island
accounts
for
some
180,000..
Africans
constitute
the
largest
racial
group
in
the population
(170,000);
Arabs
number some
60,000;
the
remainder
consists
mainly
of
Asians,
Ccmorians and a few
hundred
Europeans.
Zanzibar
Tov.m,
the
capital
and
the
only important
commercialand
shipping
cent.er,
is
by
far
the
largest
city.
The
standard
of living
is
low;
per
capita
gross
domestic
product
is
estimated
at
about
£35
($98.00)
in
1961.
Zanzibar's
economy
is
largely
dependent
on
the
prcduction
of
cloves
and
clove
oil.
These cClYilllodities
account
for
over
80
per
cent
of agricul
tural
exports
and
nearly
30
l)er
cent
of
the
gross
domestic
product.
The
OI1~y
other
eXpoTt
product
of
some
importance
is
coconut
s The main
pro
ducts
of
the
SUbsistence
sector
are
rice,
sugar
cane,
tobacco,
cattle,
goats,
bananas
and
citrus
fruits.
Cloves
as vlellas
coconuts
are
,grovmon
plantations
or
in
small
holdings
GVlned
either
by
the
government
or
by
indi
vi
duals.
The
manufacturing
and
construction
industries
account
for
only
5-6
per
cent
of the
gross
dc:sestic
product
and
consist
nainly
of
the
processing
of clove-oil
and
coconut-oil,
and
the
manufacture
of
soap
and
coir.
The
chief handicrafts
are basket
c_na
mat
Heaving,
170
odT,..;crk
,
embroidery,
pottery,
fishing
gear
c~nd
metal
vJorl{.
In recent
years
fishing
has
beco:rne
an
increasingly
important
economic
2ctivity.
 
-2 -
In
1960
Zanzibar
had
387
miles
of
roads,
of
which
276
miles
were
asphalt surfaced;
comparable
figures
for
Pemba
w"ere
227
and
81
miles.
Zanzibar
Toitffi
and
Pemba
have
local
airfields.
The
port of
'Zanzibar
handles
betvleen700
and
850
ocean stearners
yearly,
though
its
facilities
are
limited
and
not
as
modern
as
those
provided
by
Mombasa
or
Dar-es-Salaam
on
the
mainland
coast.
Zanzibarts
principal
exports
are
cloves
and
clove-oil,
copra,
coconuts and
coconut
oil.
Its
imports
consist
mainly
of
machinery
and
electrical
apparatus,
cotton
piece
goods, motor
vehicles,
motor
fuel,
food,beverages and
tobacco.
Nearly
50
per
cent
of
Zanzibar
r
s
exports
go
to
Indonesia
and
India.
The
United
Kingdom
supplies
about
20
per
cent
of
its
imports;
East
Africa
(Tanganyika
and
Kenya)
supplies
a
further
15
per
ce"nt.
(Import
and
export
figures
for
recent
years
are
shown
in
Table
2).
Zanzibar's
economy
hasbeen
depressed
since
1957,
but signs
of
a
slight
recovery
became
apparent
early
in
1963. During
this
period,
the
gross
domestic
product
has
fluctuated
betvleen
a
high
of
£12.1
million
in
1960 and
a
lov.T
of
£10.5
million
in
1958.
The
value
ofthe
clove
crop
fell
from
£3.9
millionin
1957
to
£2.5
million
in
1961.
It
dropped
further
in
1962,
but then
showed
some
recovery
in
the
first
balf
of
1963.
Realizing
the
danger
of
depending
on one
crop,
the
government
has
recently
embarked
on
the
diversification
of
agriculture
by
intro-
ducing
the
more
prof'i
e,ole
tropical
crops
of
cocoa
and
citrus.
It
bas
also
made a
concerted
effort
to
develop
the
tourist
industry.
A
Zanzibar
Deve"lorment
Bank,
primarily
concerned vlith
agricultural
finance,
is
to
be
set
up
at
an
early
date.
2.
The
Monetary
and
fiscal
system
Zanzibar
belongs
to
the
East African
Currency
Board's
monetary
area
1"hich was
described
in detailin
EB/CM/Kenya/63/1.
The
Board
estimates
that
its
currency
circulating
in
the
t'\Vo
islands
amounts
to
only
3
1/2
per
cent
of
its
tote.l
circulation
in
East
Africa.
On
June30,
1963
circulation
in
Zanzibar
v.las
estimated
at
a
little
over
£2
million;
this
compared
\vith
nearly
£19
million
in
each
of
the
three
main
land
territories
of
Kenya,
Uganda
and
Tanganyika.
COIlli'·nercial
banks
operating
in
the
Republic
are
branches
of
foreign
banks
responsible
to
regional
offices
in
Nairobi,
Kenya. Betvleen1957 and
1961
demand
deposits
rose
by
70
per
cent
from
less
than
£2.5
million
to
over
£4
million;
in
1962,
hc-vlever,
they
fell
by
nearly
32
per
cent
to
£2.8
million.In
the
same
period,
loa.ns
and advances
(mostly
to
agri
culture)
rose
b~r
ever
15
per
cent
to
a
high
level
of
over
£.4.5
million
in
1961,
but then
fell
sh8.rply
to
only
£2.5
million
in
1962.
These
sharp
drops
in
deposits
and
loans
and
advances
in
1962
1,rere due
to
the
political
uncertainty
in
East
Africa
viThich
gave
rise
to
a
general
out-flovl
of
capital
in
the
entire
area.
Post Office
savings
deposits
have
been
declining
ste8_dily
since
1957.

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