The executive board of the International Monetary Fund (IMF) on Tuesday approved $567.25 million in emergency support to Tanzania to address the COVID-19 pandemic.
In approving the funds, IMF said thre 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 $567.25 million in emergency financial assistance was approved under the Rapid Credit Facility and Rapid Financing Instrument.
Apart from helping Tanzania’s 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, IMF said.
Tanzanian authorities commit to strengthening governance and transparency to ensure that the financial resources are efficiently spent on addressing the crisis.