Tanzania Seeks $1.1 Billion from IMF for Economic Recovery

Tanzania is in talks with the International Monetary Fund (IMF) for a three-year financing package of $1.1 billion, as President Samia Suluhu Hassan seeks to support the nation’s recovery from the global coronavirus pandemic.

Securing additional funding from multilateral lenders is part of Samia Suluhu’s wider plan to boost the county’s fiscal position by taking on more concessional loans. 

In September last year, the IMF raised Tanzania’s debt distress risk to moderate, from low, after the government ramped up commercial borrowings in recent years, including about $1.5 billion from Standard Chartered Plc to help fund construction of a new railroad.

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