Dr Mgimwa (63) took over the finance ministry in 2012 replacing Mustapha Mkulo when President Kikwete reshuffled his cabinet.
Principal Secretary General ambassador Ombeni Sefue through his mobile phone confirmed the death of the minister.
It has not yet been revealed what Dr Mgimwa was suffering from or the cause of his death.
Government officials have not yet released official information about the death.
Before his death, Finance Secretary Dr Servacius Likwelile had travelled to South Africa to see how he was faring on and said the minister was recovering.
Dr Mgimwa’s brother Mahmoud Mgimwa said he was not ready to say what the minister was suffering from because the situation was being handled by the government.
“His condition was fluctuating but the government officials are in a good position to explain that,” said Mr Mahamoud.
Before becoming a minister, Dr Mgimwa was a lecturer at Bank College in Mwanza and Member of Parliament for Kalenga Constituency in Iringa region.
Speaking about his death, Kigoma North MP Mr Zitto Kabwe said it was sad news to him because he has worked with Dr Mgimwa for a short period in the parliamentary committee for finance as a chairman.
“God has decided to take him. We human beings can’t refuse,” said Mr Zitto adding that he was a man who sought advice when necessary.-nation.co.ke
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