Tanzania has received £786.2 million from the International Monetary Fund (IMF) to help tackle climate change.
The IMF’s executive board approved the amount specifically for Tanzania’s efforts in climate change mitigation.
Additionally, £391.11 billion was disbursed to support the country’s budget. The funding is part of a 23-month arrangement under the Resilience and Sustainability Facility (RSF), which offers affordable long-term financing to countries implementing reforms to enhance economic stability during climate change and pandemics.
IMF’s deputy managing director, Mr Bo Li, said the RSF will aid Tanzania in improving governance of climate policies, disaster risk management, and integrating climate plans into budgeting and investment strategies.
“Reforms supported by the RSF will aim to enhance governance and coordination of climate change policies, strengthen disaster risk management, mainstream climate policies in budget and investment planning, align sectoral climate policies with national policies and commitments, and enhance supervision of financial sector climate-related risks,” Mr Bo was quoted in a statement.
Tanzania’s economic reform programme has shown progress, meeting its targets by the end of 2023 despite global economic challenges.