Nearly half of Tanzania's banks vulnerable to financial shocks - IMF

Tanzania President John Magufuli. IMF has said that close to half of Tanzania’s banks are vulnerable to financial shocks. [Photo: Courtesy]

DAR ES SALAAM- Nearly half of Tanzania’s 45 banks are vulnerable to adverse shocks and risk insolvency in the event of a global financial crisis, the International Monetary Fund (IMF) said on Friday.

The IMF urged the East African country to improve asset quality, address non-performing loans (NPLs) and increase capital buffers in the banking system.