Tanzania requests World Bank assistance for the Covid initiative and the country’s balance of payments.
Tanzania has approached the World Bank for assistance in mitigating the effects of Covid-19 and gaining access to vaccinations.
President Samia Suluhu met with the World Bank’s Regional Vice President for Eastern and Southern Africa, Hafez Ghanem, on September 28 in Dodoma, and addressed her government’s emphasis on increasing education, health, and women’s empowerment.
This was a follow-up to President Samia’s meeting with World Bank Group President David Malpass in New York during the United Nations General Assembly’s 76th session.
During the Tuesday meeting, President Samia briefed Dr. Ghanem on her government’s objectives, saying, “We are presently revising our tax policy in conjunction with stakeholders in order to enhance the business environment and encourage investment.”
“We are also working to develop the private sector so that it can compete and contribute to job creation in the country,” she said.
She also discussed initiatives to improve information and efficiency via the use of ICT.
Ghanem was enthusiastic about the cooperation on different development initiatives and the empowerment of women. “We are also ready and eager to collaborate with the Tanzanian government in the purchase of Covid-19 vaccinations, the distribution of information, raising public awareness, and encouraging more people to be vaccinated against Covid-19.”
Ghanem’s second trip to Tanzania as World Bank vice president.
According to World Bank statistics, Covid-19 has had a detrimental effect on Tanzania’s macroeconomic prospects as well as its population’s health and well-being. In 2020, the economy slowed to 4.8 percent growth, and growth is projected to continue sluggish in 2021.
During a meeting with the World Bank president in New York, the bank reaffirmed its readiness to assist vaccine procurement, uptake, and deployment in Tanzania via its International Development Assistance.
Malpass also praised Tanzania’s reform initiatives to enhance the business climate and promote private-sector-led development.
He emphasized the significance of access to power, affordable housing, and digital infrastructure in improving efficiency and access to competitive markets, as well as the necessity of debt transparency and the careful selection of investment programs.
The International Monetary Fund (IMF) has reacted to the Covid-19 issue by providing financial aid, policy guidance, and unique instruments to member nations.
This year, the IMF granted $567.25 million in emergency financial assistance via the Rapid Credit Facility and Rapid Financing Instrument to help its efforts in responding to the epidemic by addressing the immediate health, humanitarian, and economic consequences.
This funding would assist Tanzania in meeting its immediate balance of payment requirements as a result of the Covid-19 outbreak.
The resources are also anticipated to act as a catalyst in their attempts to garner further assistance from development partners.