Public Management

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

Monday, 15 November 2021 16:59
IMF pledges $372mln to help Tanzania strengthen Covid-19 response

(Ecofin Agency) - The International Monetary Fund (IMF) announced the disbursement of $372.4 million to help Tanzania strengthen its response against Covid-19. The amount will be approved in the form of a Rapid Credit Facility (RCF) towards meeting the urgent balance of payment needs, while providing the necessary concessional resources to take coping measures.

“Tanzania requires urgent financial assistance to implement the TCRP (Tanzania COVID-19 Socioeconomic Response Plan, ed). The Fund's emergency financing on fully concessional terms will help the country narrow its external financing gap, support the authorities' implementation of the TCRP, and help catalyze donor support. Tanzania's risk of external and public debt distress remains moderate,” said Bo Li (pictured), IMF deputy MD.

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 has benefited from $567.25 million in emergency support from IMF. The institution expects a real GDP growth of 4% for Tanzania this year.

Moutiou Adjibi Nourou

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