WASHINGTON, Nov 9 (NNN-KBC) — Kenya is on course to receive Ksh 52.4 billion from the International Monetary Fund (IMF) to continue supporting economic recovery and address debt vulnerabilities.
This follows an agreement between government officials and IMF staff to proceed with the fourth credit support under the Ksh 283 billion ($2.34 billion) Extended Fund Facility (EFF) and Extended Credit Facility (ECF) approved by the IMF Executive Board in April last year.
The latest approval brings total loan disbursement under the arrangement to Ksh 187.3 billion ($1,548 million).
“This latter amount includes proposed augmentation of access of SDR162.84 million to cover external financing needs resulting from drought and challenging global financing conditions,” said IMF.
However amid prevailing drought, elevated inflation and global shocks, IMF projects the economy to register a 5.3pc growth this year. — NNN-KBC
