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

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

Author: International Monetary Fund. African Dept.

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

Volume/Issue: Volume 2023 Issue 425

Publication date: December 2023

ISBN: 9798400262982

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Topics covered in this book

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Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , International - Economics , reform agenda , reform priority , ECF arrangement , forex market imbalance , near-term policy priority , Currency markets , Trade balance , Credit , Global

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Summary

The unfavorable global economic environment and domestic factors continue to weigh on Tanzania’s economic recovery. Growth rebounded during the first half of 2023 but is expected to slowdown in the second half amid headwinds from a weak global outlook and forex liquidity shortages. Inflation has moderated and is now well within the Bank of Tanzania’s target. The fiscal deficit was wider than expected in FY2022/23, largely reflecting shortfalls in revenue collections. A wide current account deficit for FY2022/23 and tighter external financial conditions resulted in pressures in the foreign exchange market.