Relief for Kenya as The International Monetary Fund (IMF) approved Ksh 150 billion loan ($941 million) with an immediate release of Ksh 99.6 billion of the loan.
The news is a relief to the government and country at large as it battles financial constraints leading an economic shift.
In addition to the loan, the country will also receive Ksh 9.6 billion under the Resilience and Sustainability Facility (RSF) arrangement.
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Through a statement, IMF noted that the country’s economy has been resilient despite external and domestic challenges it has been facing.
“Kenya’s growth remained resilient in the face of increasing external and domestic challenges. The EFF/ECF and RSF arrangements continue to support the authorities’ efforts to sustain macroeconomic stability,” sad IMF
The loan comes at a time when the government is in the process of settling the 319 billion Euro Bond loan which matures in June of this year.
Even though there is a liquidity challenge, the government is positive that it will meet its obligation through the help of the World Bank and other regional banks like the African Export-Import Bank and Trade & Development Bank.