Tanzania is to ask the International Monetary Fund to lift its debt ceiling significantly so that it can launch a maiden $1bn sovereign bond – and join a rush of African countries tapping the global capital markets for the first time.
William Mgimwa, finance minister, told the Financial Times that east Africa’s second-largest economy wanted the IMF to increase its commercial debt ceiling for the fiscal year 2013-14 by nearly 45 per cent.
“[We have] already made a decision to go for issuing eurobonds,” he said, adding that he would ask the IMF next month to “unlock the limit” on debt the country may take on.
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