(Bloomberg) -- Tanzania will receive close to $266 million from the International Monetary Fund after reaching a deal to secure the next tranche of funding from the lender.
The IMF’s executive board must approve the staff-level agreement on the extended credit facility before the east African nation can receive its next payout of about $265.78 million, the Washington-based lender said on Thursday.
This will bring to $758.11 million the total amount of funding received by Tanzania from the arrangement.
The IMF said Tanzania’s economic fundamentals are stable, with inflation well below the central bank’s mid-term target and the current-account deficit narrowing to about 3.1% of gross domestic product in the fiscal year through June 30, from 6.5% a year earlier.
Tanzania’s economic growth is expected to accelerate to 5.4% in 2024, up from 5.1% in 2023, it said.
“However, risks are tilted to the downside as intensification of regional conflicts, increased commodity price volatility, a global slowdown, reemergence of currency pressures in the first half of 2025 and climate-related disasters could weigh negatively on the economy,” the IMF said.
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