The International Monetary Fund (IMF) on Monday completed the third review under the 38-month arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) deals.
The Executive Board gave the green light to an immediate disbursement of SDR 179.13 million (about US$235.6 million), usable for budget support.
The latest funds bring Kenya’s total budget support disbursements to about US$1,208.2 million.
“Kenya’s EFF/ECF arrangements for a total of SDR 1.655 billion aim to support Kenya’s program to address debt vulnerabilities,” the Board said.
International Monetary Fund (IMF) EFF and ECF Financing Programme |
||
| Date | Amount Received (USD mn) | Amount Received (Kshs bn) |
| Apr-21 | 307.5 | 35.6 |
| Jun-21 | 407.0 | 47.1 |
| Dec-21 | 258.1 | 29.9 |
| April-22 | *244.0 | *28.2 |
| Total Amount Received | 1,216.6 | 140.8 |
| Amount pending | 1,123.4 | 130.1 |
| *Expected Funds upon IMF management and executive board approval | ||
IMF says Kenya is on track to meet its fiscal objectives, made progress, and i
It also said the funds would support the government’s response to the COVID-19 pandemic and global shocks resulting from the war in Ukraine, improve governance, and support broader economic reforms.
Antoinette Sayeh, IMF Deputy Managing Director, said Kenya’s commitment to prudent policies and advancing structural reforms will maintain macroeconomic stability.
“Strong fiscal performance is providing a welcome resilience. Although the authorities are adjusting domestic fuel prices to international levels more gradually, programme targets are still being met thanks to strong tax revenues,” Antoinette Sayeh said.