The International Monetary Fund's executive board has authorised an immediate disbursement of about $151 million to Tanzania after approving its second review of its three-year extended credit facility, the fund said.

The IMF said Tanzania’s economic growth was expected to pick up this year, but faced challenges from an unfavourable global economic environment.

The decision brings total disbursements under the $1.04 billion loan arrangement approved in 2022 to about $455 million, the IMF said in a statement late on Wednesday.

Tanzania's finance ministry forecasts the economy will grow about 5.2% this year from 4.7% last year.

The East African country's economy largely relies on tourism, mining, agriculture and manufacturing. (Reporting by George Obulutsa; Editing by Stephen Coates)