IMF Approves Almost $600 Million for Tanzania Virus Response
- Emergency lending comes after Covid-19 led to tourism collapse
- Nation commits to strenghten governance, increase transparency
The International Monetary Fund approved nearly $600 million in emergency lending for Tanzania’s health system and economic-recovery efforts as the nation battles the coronavirus pandemic.
The fund’s executive board approved a total of $567 million in funds -- $189 million under the Rapid Credit Facility and $378 million under the Rapid Financing Instrument. The resources will help pay for the nation’s “urgent balance of payment needs” stemming from the virus, the IMF said.