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Browsing: Development Funding
- There is a debt crisis in Africa as countries struggle to repay international loans.
- According to the World Bank, nine African countries entered 2024 in debt distress, with another 15 at high risk of distress and 14 more categorised as moderate risk.
- According to the United Nations, Africa’s public debt will stay above pre-pandemic levels in 2024 and 2025.
At 4 per cent, Africa is projected to be the second fastest-growing economic region in the world in 2024, according to a report by the International Monetary Fund (IMF). However, behind the headline figure is a less optimistic reality.
Many African countries have suffered from slow post-COVID-19 recovery, climate change shocks, worsening food security situation, political instability, weak global growth, and high-interest rates. These economic shocks have pushed over 55 million people into poverty since 2020. The situation is increasingly alarming as more than half of the continent’s countries are in …
The European Union (EU) is set to provide over $57 million as development aid to Tanzania, marking a return of EU in the Tanzanian development landscape after the partner’s relations were married two years ago over human rights and rule of law concerns.
According to The Citizen, the EU Head of Delegation to Tanzania Manfredo Fanti revealed the release of the funds yesterday at State House, in Dar es Salaam, during a meeting with the Tanzanian President John Magufuli.
It was the first major funding announcement by the EU bloc which in December 2018 withheld 96 million in annual financial support to Tanzania amid a diplomatic fallout.
The EU is Tanzania’s biggest development partner, receiving over $100 million every year.
Also, the EU Deputy Head of Delegation, Emilio Rossetti revealed to The Citizen that the planned disbursements were assessed and finally approved in December 2019 after technical discussions.
“The implementation …