United Republic of Tanzania: Second Review under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania

International Monetary Fund

No 2023/425, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents United Republic of Tanzania’s Second Review under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion. Tanzania’s economic reform program is broadly on track. The authorities remain committed to reforms supported by the Extended Credit Facility Arrangement, which aim to preserve macro-financial stability, strengthen the economic recovery, and support structural reforms toward sustainable and inclusive growth. Economic growth is expected to pick up starting in 2023 but faces headwinds from the unfavorable global economic environment. Tanzania’s economic reform program is broadly on track. Most end-June 2023 quantitative performance criteria and indicative targets were met. The authorities’ structural reform agenda is progressing well, with all end-June 2023 structural benchmarks completed on time, reflecting their commitment to the reform agenda. Structural reforms are essential to promote inclusive, resilient, and sustainable growth. Business reforms should focus on streamlining bureaucratic procedures, simplifying the regulatory regime, and enhancing regulatory transparency. Implementation and enforcement of the authorities’ anti-corruption legislation and strategies is central to enhancing governance. Tanzania’s high vulnerability to climate change calls for continued efforts to increase resilience through mitigation and adaptation policies.

Keywords: reform agenda; reform priority; ECF arrangement; forex market imbalance; near-term policy priority; Currency markets; Trade balance; Credit; Global (search for similar items in EconPapers)
Pages: 94
Date: 2023-12-18
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