IMF approves $567m financing for Tanzania

The International Monetary Fund.

The IMF has approved a disbursement of $567.25 million to Tanzania to help the country finance its urgent balance of payments needs. PHOTO | AFP

The Board of the International Monetary Fund (IMF) has approved a disbursement of $567.25 million to Tanzania to help the country finance its urgent balance of payments needs arising from the Covid-19 Pandemic.

The financing package comprises $189.08 million under the Rapid Credit Facility (RCF) and a purchase equivalent to $378.17 million under the Rapid Financing Instrument (RFI).