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Monetary policy staving off effects of Covid on economy – TheExchange

Tanzania

Tanzania: The government, through the Central Bank of Tanzania has successfully kept the economy not only afloat but reasonably expanding even in the face of the global pandemic. because monetary policy staving off effects of covid on the economy.

The Tanzania government has kept its resolve to keep the economy liquid by ensuring there is enough credit for the private sector. As reports the Central Bank, the government has maintained what it describes as an ‘accommodative monetary policy.’

Thanks to this ‘accommodative’ monetary policy, the government of Tanzania has managed to boost credit flows to the private sector and thus managed to support recovery of the economy from the adverse effects of COVID-19.

The monetary policy of Tanzania has been to increase supply of credit to the private sector by using several means including lowering minimum reserve rates at the Central Bank for commercial banks and on the other …

Report Insight: How Sub-Saharan Africa is recovering

Premium
  • African economy has sustained significant impacts due to the pandemic
  • Several sectors such as tourism and trade have been impacted significantly
  • Despite the virus, Africa has demonstrated important issues towards handling pandemics

 

One of the most vibrant economies in the world, sub-Saharan Africa is slated to bounce back from the shocks of COVID-19 which left a number of economies shaken to the core and hundreds of lives lost.  

Despite the pandemic limiting several economic functions such as international travel—which marred tourism operations in East Africa, the region is expected to score growth of 3.3 per cent in 2021, according to a recent report by the World Bank. 

The October edition of Africa’s Pulse report explicitly noted that the resurgence of the economy is promoted by elevated commodity prices, a relaxation of stringent pandemic measures and recovery in global trade.  

Kenya, Tanzania, Rwanda and Uganda, are now working towards building

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FROM PANDEMIC TO PROSPERITY:Mobilizing Private Sector Response Against COVID-19

Opinion

The coronavirus disease of 2019 (COVID-19) pandemic gripped the world with shock and overwhelmed the health care systems of most nations. The World Health Organization (WHO) declared the novel human coronavirus disease (COVID-19) outbreak, which began in Wuhan, China on December 8, 2019, a Public Health Emergency of International Concern (PHEIC) on January 30, 2020, with over seven million cases globally as of June 7, 20201. 

In July 2020, over 663,000 confirmed Covid-19 cases were recorded in Africa with more than 343,000 recoveries and 14,000 deaths. 324,211 cases were recorded in South Africa with 4,699 deaths, followed by 34,854 confirmed cases in Nigeria and 769 deaths, 26,125 confirmed cases and 139 deaths in Ghana. Countries currently with the lowest cases in the region are Gambia, Seychelles and Eritrea. Southern Africa is the most affected area across the continent in terms of positive Covid-19 cases and Northern Africa closely …