DAR ES SALAAM, Tanzania, December 13, 2013/African Press Organization (APO)/ – The Executive Board of the International Monetary Fund (IMF) approved on December 12, 2013 a request by Tanzania to extend the country’s arrangement under the Standby Credit Facility (SCF) until April 30, 2014, to allow time for the third and final review. The decision was taken on a lapse of time basis.1 The 18-month arrangement, approved in July 2012, had been scheduled to expire on January 5, 2014 (see Press Release No. 12/252).
The SCF provides financing in an amount equivalent to SDR 149.175 million (about US$230.2 million), of which SDR 74.6 million (about US$115.1 million) has been disbursed to date. The Executive Board is now expected to consider the final review by late April 2014. The authorities intend to treat the remaining tranches of the SCF on a precautionary basis.
1 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.
International Monetary Fund (IMF)