The International Monetary Fund (IMF) Executive Board has approved a zero interest rate on the Us$567.25m concessional financial support to Tanzania acknowledging the trends in transparency and accountability under President Samia’s administration.
IMF okayed US$567.25m about 1.3trn/- in Emergency Support to Tanzania to Address the COVID-19 Pandemic.
The money includes disbursement of SDR132.6 million (US$189.08 million) under the Rapid Credit Facility (RCF) and a purchase equivalent to SDR265.2 million (US$378.17 million) under the Rapid Financing Instrument (RFI).
Finance and Planning Minister Dr. Mwigulu Nchemba said at the State House in Dar es Salaam on Tuesday, the IMF top leaders had agreed to freeze borrowing interest on the rapid credit facility funds making the entire loan zero interest.