IMF Executive Board Approves US$567.25 Million in Emergency Support to Tanzania to Address the COVID-19 Pandemic
The COVID-19 outbreak has led to the collapse of the tourism sector and amplified the need for significant financing to tackle the health and economic effects of the pandemic;The IMF approved US$567.25 million in emergency financial assistance under the Rapid Credit Facility and Rapid Financing Instrument to support the authorities’ efforts in responding to the pandemic by addressing the urgent health, humanitarian, and economic costs. The resources are also expected to play a catalytic role in their efforts to mobilize additional support from development partners;The authorities also commit to strengthening governance and transparency to ensure that the financial resources are efficiently spent on addressing the crisis.
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