TANZANIA has urged global creditors to cancel the loan owned by African countries or extend time for loan payment as measures to confront the twin health and economic crises created by the COVID-19 pandemic.
President Samia Suluhu Hassan said Tuesday in her first international conference with the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), and the World Trade Organization (WTO), that the countries have failed to meet their revenue collection targets.
The meeting organized by France President, Emmanuel Macron, brought presidents from 20 African countries. The European Union, Italy, Spain, Netherlands, Germany, China and Japan also participated.
"Another step is (international community) to contribute to the budgets of African countries as since they couldn't meet their domestic revenue collection targets," she said.
President Samia went on further calling the international community to take necessary steps to support economic recovery of African countries. In her recommendation, the President suggested global creditors to increase concessional loans for strategic development projects implemented by African countries.
Nonetheless, she urged direct support to the private sector to be able to obtain soft loans for small and medium businesses, which are the mainstay for the economy in developing countries.
While Tanzania, Kenya and South Africa took part in the conference virtually, some African countries that attended the meeting in Paris, France includes, Angola, Burkina Faso, DRC, Côte d'Ivoire, Egypt, Ethiopia, Ghana, Mali, Mauritania, Mozambique, Nigeria, Rwanda, Senegal, Sudan, Togo, and Tunisia.
The President acknowledged that the novel coronavirus pandemic has crippled trades, social service delivery, revenue collection, and causing loss of lives and employments. Women, youth and children have been severely affected by the pandemic.