The Financial Sector Deepening Trust (FSDT) has contributed Tanzanian Shillings 225 million towards the National Relief Fund for COVID-19. This is to support the Government of the United Republic of Tanzania’s concerted efforts in dealing with the COVID-19 pandemic.
The speed at which the virus is spreading is unprecedented, requiring the communities to mitigate the immediate shocks to the most vulnerable groups, as well as build the foundation for recovering livelihoods and rebuilding the societies; and we do not have the time to wait to work together to address this challenge.
Sosthenes Kewe, Executive Director of FSDT stated, “Whilst there is neither a cure nor vaccine for COVID-19, equally there is no blueprint to navigating this pandemic. The reality today shows us how interdependent we are, as well as how powerful collective action can be. Through working together, we can be a counterforce to the health and economic effects of COVID-19, especially on low income women, youth, enterprises and rural farmers, as well as the entire economy. FSDT commits to support the Government and private sector’s tireless efforts in managing the situation to ensure that the country remains stable, operational and resilient during this global crisis.”
The FSDT’s work aims to develop market systems that benefit the vulnerable groups such as women, youth, MSMEs and rural farmers. This involves addressing challenges, and supporting innovations in the financial sector through partnerships with financial sector stakeholders.
In addition to the cash donation, the FSDT also pledges further support in promoting awareness campaigns to protect the communities from being susceptible to the pandemic; working with stakeholders in the financial sector to promote alternative delivery mechanisms of financial services, such as accelerating digital solutions; driving agile innovations that respond to COVID-19 challenges; crowding in stakeholders to work together to minimize the negative effects of COVID-19 in our country.
In the intermediate and longer term periods, FSDT will work closely with the Government, regulators, financial institutions and other private sector players to boost the analysis of COVID-19 on:
- Livelihood effects especially on lower income communities
- Economic effects – businesses, distribution, production and trade
- Financial sector effects-on transactions, savings, credit, payments, liquidity, stability, Fintechs activities, consumer protection and regulatory implications.
The FSDT makes this donation on behalf of its development partners, namely Embassy of Denmark, Embassy of Sweden, Global Affairs Canada and the Bill and Melinda Gates Foundation.
For more information, please contact:
Neema Mosha, Communications Adviser: neema@fsdt.or.tz