World Bank Urges Tanzania to Quicken Vaccination to Lift Economy
Tanzania, which was among the last nations to start vaccinations against Covid-19, needs to accelerate inoculation to help quicken its economic recovery, the World Bank said.
The East African nation of about 60 million people administered 2.4 million doses over about five months after President Samia Suluhu Hassan launched the program in July.
“A slow pace by global standards,” the World Bank said in its biannual Tanzania Economic Update report. “To contain the spread of the virus and lay the foundation for a robust recovery, the pace of vaccination needs to accelerate.”
READ: Vaccine-Holdout Tanzania Begins Inoculations With Sinovac Doses
The World Bank forecasts the Tanzanian economy to expand by 4.5% to 5.5% this year from an estimated 4.3% in 2021. Growth will likely average 6% over the medium term as pandemic conditions ease and export and domestic demand recover.
In the report themed on “empowering women,” the lender said Tanzanian female-owned businesses took a greater hit from the pandemic. It urged the government to invest in women to achieve a strong, inclusive and resilient recovery.
The fiscal deficit may widen to 4.2% of gross domestic product this year, amid revenue shortfalls and spending to manage the pandemic and on infrastructure projects. The gap would have more than doubled from 1.4% of GDP in the 2019-20 fiscal year.
READ: Tanzania Debt Tops $37 Billion as It Increases Transport Spend
The International Monetary Fund and World Bank's joint debt sustainability analysis conducted in September concluded that Tanzania's risk of external debt distress had increased from low to moderate. The downgrade reflected the collapse of tourism exports, increased non-concessional borrowing and rising debt service payments.
©2022 Bloomberg L.P.
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