Tanzania has received US$189.08 million under the rapid credit facility (RCF) and a purchase equivalent to US$378.17 million under the rapid financing instrument (RFI), a total of US$567.25 million. This emergency financing will help finance Tanzania’s urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic. Tanzania’s economic outlook has deteriorated due to the impact of the COVID-19 pandemic on tourism which collapsed in the wake of travel restrictions. It is estimated that Tanzania’s economy decelerated to 4.8% growth in 2020, and growth is expected to remain subdued in 2021. The disbursement under the RCF and purchase under the RFI will help finance the interventions needed to mitigate the severe socio-economic impacts of the pandemic and help catalyse support from development partners.
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