IMF approves Ksh141.4 billion loan for Kenya
IMF approves Ksh141.4 billion loan for Kenya after meeting key conditions for continued support under programs to help reform the economy
IMF approves Ksh141.4 billion loan for Kenya after meeting key conditions for continued support under programs to help reform the economy.
Kenya got a $415 million (Ksh142 billion) disbursement under the Extended Fund Facility and Expanded Credit Facility, programs designed to shore up its economy and boost its foreign exchange reserves, following a fifth review.
In addition, Kenya also got $551 million (Ksh56 billion) as part of the Resilience and Sustainability Facility to “support Kenya’s ambitious efforts to build resilience to climate change,” the IMF said in a statement. The disbursements followed the fifth reviews of the programs.
The money is expected to ease pressure on Treasury coffers which the global lender expects would help the country in economic and climate reforms.
The IMF loan comes at a time the country is still facing pressure on the shilling, with the govt-to-govt oil deal that was expected to save the local currency achieving very little.
EFG Hermes Research on Friday, July 17, noted that Kenya needed the IMF loan to shore up its foreign reserves as a Ksh283 billion Eurobond was maturing in June 2024.
The rest of the money was given under IMF’s Resilience and Sustainability Facility Program which is meant to be strictly used for building resilience against climate change.
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“Kenya’s economy has been resilient despite the worst drought in many decades and a difficult external environment.
“The funds will continue to support the country address emerging challenges to sustain macroeconomic stability and market confidence, promote growth and advance ongoing reforms,” IMF stated during the disbursement.
In total, Kenya has received Ksh283 billion from IMF for economic development and to fight the ravages of climate change.
The loan disbursement comes after Ruto requested the IMF and World Bank to lessen the grip they had on resources granted to African countries.
He requested all countries to be advanced funds under equitable terms.
IMF in response noted it would readjust precautionary measures imposed on some of its members.
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