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IMF Authorized $447 million loan to Kenya

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The loan would be utilized to safeguard the country’s foreign exchange reserves.

Discussions between International Monetary Fund (IMF) and Kenyan officials capitulated a positive repercussions for the Kenyan government.

Kenya’s financial stability and estimated fiscal growth alleviated the IMF’s resolution to permit the credit. However, the IMF manifested concerns about Kenya’s ability to tackle climate-change effects.

Antoinette Sayeh, IMF deputy managing director stressed, Kenya’s adherence to its fiscal program assisted by the Fund’s EFF and the ECF arrangements is harboring billing sustainability.

The financial situation has been performing absolutely well amid slowing universal growth, compacted financing conditions, and uncomfortable commodity/stock prices, while the persistent drought has expanded food insecurity, and climate-related risks pose ongoing challenges. 

Antoinette as well acclaimed the resourcefulness of the present administration, including the elimination of fuel subsidies and the country’s current return on tax.

The deputy managing director also stated Additional tax policy measures, anchored in a medium-term revenue strategy to secure space for needed social and development spending, and improved spending efficiency, revenue administration, and public financial and debt management will be key, said Antionette.

This new loan follows the fourth review of the $2.34 billion (Ksh288 billion) 38-month Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements with Kenya.


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