IMF to review Kenya’s latest loan of KSh80.2bn targeting climate resilience
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IMF (International Monetary Fund) sets a date to review Sh80.2bn which targets disbursements towards climate resilience interventions
IMF (International Monetary Fund) sets a date to review Sh80.2bn which targets disbursements towards climate resilience interventions.
To conduct the first review under Kenya’s most recent loan, which directs disbursements toward climate resilience programs, an IMF delegation is scheduled to visit the nation in November.
Through the Resilience and Sustainability Facility (RSF) of the IMF, Kenya obtained a new 20-month $551.4 million tenure, or about Sh80.2 billion.
The Cabinet’s endorsement of a national framework for climate services to enable the transmission of a digital early warning system, specifically targeted at the most susceptible counties in the arid and semi-arid territories, is one of the reform initiatives the administration has committed to.
The review date for this reform measure is October 7th, 2023, which is one month away.
“Our team will come in to do the first review and discuss with the authorities the reforms progress and if satisfactory, the authorities can access the first batch of financing,” IMF’s Deputy Managing Director, Bo Li, told the Business Daily on the sidelines of the ongoing Africa Climate Summit.
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The IMF estimates that Kenya can mobilize $3.3 billion, about Sh477.0 billion, annually in climate finance between now and April 2025, of which 39 percent will be drawn from private sector organizations and the remaining amount from State-driven mobilization.
“On the RSF programme, we have confidence that Kenya can deliver on its commitments. We need both the public sector and private sector to come together in the mobilization of climate finance resources,” Mr Li said.
Other reform commitments entered into by the government as part of the Sh80.2 billion climate-linked loan include the Cabinet’s approval of net metering regulations and open access regulations by September 30, 2024, which are aimed at promoting energy efficiency in the country.
Net metering allows entities that have secured licenses for power generation to offload any surplus into the national grid.
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