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World Bank has approved the issuance of a USD 450 million facility to Tanzania bringing to end the aid embargo it had imposed on the country over unfavourable government policies.
The brettonwood institution had raised concern over Tanzania’s government policies which had seen the Magufuli-led country denied some financing since 2018.
Some of the policies include outlawing of any inquiry on official statistics and expulsion of pregnant girls from schools.
However, World Bank noted that the issuance of the funds signalls the efforts by Magufulis government to address the policy issues.
In July, Tanzania’s statistics agency noted that it could review its economic growth figure (7%) for 2018 after the World Bank came up with a significantly lower one of 5%.
WB’s International Development Association (IDA) credit is set to benefit more than five million Tanzanians, more than half being women who will benefit from improved social safety nets
“Approval of this project acknowledges efforts by the government of Tanzania to address the policy issues by amending the statistics law (2018) in line with international practice, as well as the government’s commitment to facilitate all girls to complete their education.”
Bella Bird, the World Bank’s country director for Tanzania. said that the new support will be critical to improve the lives of many more people in need and overall raise the country’s human capital index, which is still very low at 0.40.
“We will continue to work with the government and engage with citizens and other stakeholders on the complex set of development issues facing the country and its people.” she said.
Featured Image Courtesy: Businessdailyafrica.com
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