A team of the International Monetary Fund (IMF), which concluded its visit to Tanzania said it has concluded it review and plans to release $150 million to the East African country. “…the review will make available SDR113.3 million (about US$150 million), bringing the total IMF financial support under the arrangement to SDR455.5 million (about US$604.2 million). “The Tanzanian economy grew 5.1 percent in 2023 despite headwinds from power outages and strained foreign exchange liquidity that dampened manufacturing and trade activities. However, external financial conditions are expected to remain tight and pressures in the foreign exchange market are likely to persist. Maintaining a moderately tight monetary policy stance will complement efforts to ease pressures in the FX market, while preserving price stability,” he said.

Source: News Business Ethiopia May 17, 2024 21:17 UTC