[Tanzania] WB props up Tanzania`s economic reforms, poverty reduction

from The Angola Press

Tanzania has secured an International Development Association (IDA) credit of $200 million to implement its National Strategy for Growth and Reduction of Poverty, locally known by its Kiswahili acronym as MKUKUTA, the World Bank announced Wednesday.

The Bank said its Board of Executive Directors has approved the Fourth Poverty Reduction Support Credit (PRSC-4) to help the Tanzanian Government pursue its policy objectives laid out in the MKUKUTA by providing financing for the 2006/2007 budget.

According to the Bank, the credit would provide incentives to implement key economic, social and institutional reforms to strengthen the overall performance of the economy and contribute to poverty alleviation.

The Government reform programme supported by a series of PRSCs as well as harmonized budget support from 13 other donors, over the 2006-2010 period, is aimed at sustaining high rates of economic growth in the range of 6 to 8 percent annually, which are projected to translate into a significant reduction of poverty incidence in the country.