United Republic of Tanzania: Requests for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania

Author: International Monetary Fund. African Dept.

Requests for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania

Volume/Issue: Volume 2021 Issue 213

Publication date: September 2021

ISBN: 9781513598352

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , International - Economics , Industries - Hospitality Travel and Tourism , financing gap , response plan , RFI resource , spending needs , health financing , emergency spending , procurement contract , RFI financing , COVID-19 , Debt sustainability analysis , Global

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Summary

The COVID-19 pandemic has negatively impacted Tanzania’s macroeconomic outlook, and negatively impacted its population’s health and well-being. Tourism collapsed in the wake of travel restrictions, the economy reportedly decelerated to 4.8 percent growth in 2020, and growth is expected to remain subdued in 2021. The previous government downplayed the presence of the COVID-19 virus in Tanzania and the impact of the pandemic in the country, and budgeted insufficient resources to address the health and economic crisis. This has left the new administration of President Hassan with an enormous and urgent challenge to tackle the COVID-19 pandemic. The new administration is implementing comprehensive plans to immediately address the pandemic, resulting in an urgent balance of payments need.