PRESIDENT Samia Suluhu Hassan has launched a 1.3tril/- robust Development Programme which will see major reforms in the country’s socio-economic sectors mainly in education, health, water and tourism in response to the effects of Covid-19.
The programme which will be implemented for nine months aims at boosting the country’s economy following the effects of the COVID-19 pandemic which adversely affected the economy.
According to the Head of State, Tanzania secured concessional financial assistance from the International Monetary Fund (IMF) of US Dollars 567.25 billion (about 1.3tril/-) through Rapid Credit Facility (RCF).
RCF provides rapid concessional financial assistance with limited conditionality to low-income countries (LICs) facing an urgent balance of payments need.
The RCF was created under the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund’s financial support more flexible and better tailored to the diverse needs of LICs, including in times of crisis.
The event was attended by top officials including Vice President, Dr Philip Mpango, Zanzibar President Dr Hussein Mwinyi, Prime Minister Kassim Majaliwa and Speaker of the National Assembly, Job Ndugai, among others.
Speaking at the occasion, Vice President, Dr Philip Mpango said 1.3trl- was a huge sum of money which would help to bring changes to the country, paying tribute to IMF for the assistance.
According to him the COVID-19 pandemic had affected the country and families as the country’s workforce had been reduced.
“Some families lost their breadwinners and about one million people have now entered into a list of poor people due to the pandemic,’’ he said, adding that this was a big loss to the nation.
Also, Dr Mpango added, because of travel restrictions, the tourism sector has also suffered because the number of tourists visiting the country had significantly gone down