Tanzania and the International Monetary Fund (IMF) are set to deepen their long-standing economic partnership, with Finance Minister Ambassador Khamis Mussa Omar saying the institution remains an important partner in supporting the country’s economic stability and development agenda.
Ambassador Omar made the remarks yesterday when he met the IMF’s newly appointed Tanzania Representative, Jana Bricco, who has officially assumed her duties.
The meeting focused on the future of Tanzania-IMF cooperation following the successful completion of the country’s Extended Credit Facility (ECF) and Resilience and Sustainability Facility (RSF) programmes.
The partnership between Tanzania and the IMF dates back more than six decades to the 1960s.
Ambassador Omar said the government appreciated the IMF’s contribution over the years, particularly in monitoring economic performance, strengthening fiscal and monetary policies and supporting measures aimed at maintaining macroeconomic stability.
“We have had a long-standing partnership with the IMF, dating back to the 1960s, and we have continued to work together in various areas aimed at strengthening the country’s economy and advancing our development agenda,” he said.
He said Tanzania would continue working with the IMF as the government implements the National Development Vision 2050 and the next Five-Year Development Plan.
According to the minister, future cooperation would focus on areas that provide practical value to Tanzania, including economic growth, fiscal and monetary policy, private sector development and price stability.
He said monitoring inflation and developments in the prices of goods and services would remain important areas of engagement between the government and the IMF.
Ambassador Omar also urged Ms Bricco to travel across the country to gain a first-hand understanding of Tanzania’s economic activities, development opportunities and challenges.
He specifically invited her to visit major strategic projects, including the Julius Nyerere Hydropower Project, as well as tourism and productive sectors such as agriculture.
“Such visits will give you a broader understanding of the opportunities, progress and challenges facing the country and help facilitate more productive discussions and cooperation between Tanzania and the IMF,” he said.
Ms Bricco congratulated Tanzania on successfully completing the ECF and RSF programmes, saying the achievement reflected improvements in macroeconomic stability, fiscal sustainability and the country’s debt position.
The ECF programme provided concessional financing to support Tanzania’s economic stability and development, while the RSF was designed to strengthen the country’s capacity to respond to climate-related risks.
She said the progress had been recognised by the IMF Executive Board and that completion of the programmes offered an opportunity to reshape the relationship around policy dialogue, economic monitoring and capacity building.
“The completion of the ECF-RSF does not mean the end of cooperation between Tanzania and the IMF. Rather, it provides an opportunity to transform and strengthen the relationship in line with Tanzania’s new stage of development,” Ms Bricco said.
She said the IMF was ready to continue supporting Tanzania through policy advice tailored to the country’s priorities, alongside technical assistance and capacity building.
Ms Bricco said the IMF saw opportunities to support implementation of the National Development Vision 2050, particularly efforts to build a stronger and more competitive economy capable of creating greater opportunities for Tanzanians.
“The objectives and areas covered by the completed programmes closely align with Tanzania’s aspirations to build a strong, competitive economy capable of creating more opportunities for its people,” she said.
The meeting was also attended by Acting Permanent Secretary and Deputy Permanent Secretary at the Ministry of Finance Nsubili Joshua, Assistant Commissioner for External Finance Robert Mtengule, Assistant Commissioner for Policy Analysis Juma Mkabakuli and other senior officials from the ministry and IMF.
