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IMF raises concern over Tanzania's economic slowdown
DAR ES SALAAM, Jan. 12 (Xinhua) - The International Monetary Fund (IMF) on Friday stepped up its warnings against economic slowdown in Tanzania, saying the government needs to take urgent measures to reverse the downward trend. In its latest statement on the state of Tanzania's economy, the IMF said although the country's gross domestic product ( GDP ) growth remains strong, other economic indicators paint a gloomy picture. "Although GDP data point to continued strong growth, other high frequency data suggest a weakening of economic activity," it said after the conclusion of its Policy Support Instrument (PSI) review for Tanzania. "Tax revenue collections are lower than expected and credit growth has stagnated reflecting in part banks' rising non-performing loans (NPLs)," said the statement. It added: "There are downside risks to economic growth in the short term stemming from slow budget implementation, a challenging business e...
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