IMF Secures $441 Million Deal with Tanzania

The International Monetary Fund announced a staff-level agreement with Tanzania that will grant the country access to $441 million in financing. This follows a fifth review of the Extended Credit Facility and a second review under the Resilience and Sustainability Facility.

The International Monetary Fund (IMF) announced on Thursday that it has reached a staff-level agreement with Tanzanian authorities for a financial package. Once approved, this deal will provide Tanzania with access to approximately $441 million in financing.

This agreement follows a fifth review under the IMF's Extended Credit Facility (ECF) and a second review under the Resilience and Sustainability Facility (RSF). These financial instruments aim to support Tanzania's ongoing economic reforms and strengthen its sustainability practices.

The deal comes as a significant step in boosting Tanzania's economic resilience and sustainability efforts, reinforcing international support for the East African nation's development strategies.

(With inputs from agencies.)