The Executive Board of the International Monetary Fund (IMF) approved a Ksh.55.1 billion ($447.39 million) loan to Kenya.
This is under the fourth review of the 38-month arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) with the country.
This brings Kenya’s cumulative disbursements under the EFF/ECF arrangements to about US$1.655.59 million.
The funds will assist Kenya in covering external financing needs resulting from drought and challenging global financing conditions.
The IMF says Kenya had made progress on fiscal consolidation as tax performance improves and public debt levels begin to level off.
“Kenya’s commitment to its economic program supported by the Fund’s EFF and EDF facilities is anchoring debt sustainability. The economy has performed well amid slowing global growth, tighter financing conditions and volatile commodity prices while continuing drought has increased food insecurity, and climate-related risks pose ongoing challenges, stated IMF’s Deputy Managing Director and Acting Chair Antoinette Sayeh.
IMF Reaches Staff-level Agreement With Kenya for Kshs 52.7 Bn
