Home Tanzania IMF pledges $ 372 million to help Tanzania strengthen response to Covid-19

IMF pledges $ 372 million to help Tanzania strengthen response to Covid-19

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(Ecofin Agency) – The International Monetary Fund (IMF) has announced the disbursement of $ 372.4 million to help Tanzania strengthen its response to Covid-19. The amount will be approved in the form of a Rapid Credit Facility (FCR) to meet urgent balance of payments needs, while providing the concessional resources needed to take adaptation measures.

“Tanzania needs urgent financial assistance to implement the TCRP (Tanzania COVID-19 Socioeconomic Response Plan, editor’s note). Emergency financing from the Fund on fully concessional terms will help the country reduce its external financing gap, support the implementation of the TCRP by the authorities and catalyze donor support. Tanzania‘s risk of external and public debt distress remains moderate ”, IMF deputy managing director Bo Li (pictured) said.

As a reminder, former Tanzanian President John Magufuli was “covidosceptic”, refusing to comply with global measures to fight the pandemic. However, since Samia Suluhu came to power, she has adopted a nationwide response plan. Last September, the country received emergency aid of $ 567.25 million from the IMF. The institution expects real GDP growth of 4% for Tanzania this year.

Moutiou Adjibi Nourou


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