The International Monetary Fund (IMF) plans to release $244 million to Kenya to finance its budget “in the coming weeks” after its staff expressed their satisfaction with Nairobi’s economic reforms in the face of Covid-19.
The IMF said its staff are satisfied with the progress that the Kenyan government is making in its economic reform programmes, and the deal now awaits endorsement by the Fund’s management and board.
Kenya will access $244 million, bringing the total IMF support in a 38-month financing facility to $1.17 billion under the Extended Fund Facility (EFF) and Extended Credit facility (ECF).
“The IMF staff team and the Kenyan authorities have reached a staff-level agreement on the third review of Kenya’s economic programme under the EFF and ECF arrangements. The agreement is subject to approval of IMF management and the Executive Board in the coming weeks.
Upon completion of the Executive Board review, Kenya would have access to SDR 179.13 million (equivalent to about $244 million), bringing the total IMF financial support under these arrangements to SDR 865.77 million (equivalent to about $ 1,178 million),” said the IMF mission led by Mary Goodman.
SDR means Special Drawing Rights, an international reserve asset created by the IMF to supplement its member countries’ official reserves.
