Kenya Gets Additional $938 Million From IMF, What To Expect?

Kenya, a country in East Africa, and the International Monetary Fund (IMF), a major financial agency of the United Nations, have reached a staff-level agreement, unlocking $938 million in transfer. 

The agreement has boosted the current lending programme by $938 million before a eurobond repayment due in June. Haimanot Teferra, the International Monetary Fund (IMF) Mission to Kenya, said, “The tightening global financing conditions for frontier economies and global geopolitical tensions are compounding the challenges.”

What to expect?

Under the staff-level agreement, Kenya will get immediate access to a $682.3 million tranche. The agreement needs the approval of the Washington-based fund’s executive board. With the approval, Kenya will have access to a total of $4.43 billion.

Earlier this month, an IMF team arrived in Nairobi, the capital of Kenya, to conduct the sixth review of a lending programme approved in April 2021. The programme was first boosted in May by an extra $1 billion. 

In December 2022, the IMF approved the disbursement of $447.39 million to Kenya after a review of its lending programme. Kenya had access to the amount under the Resilience and Sustainability Facility, designed to improve climate change resilience and adaptation.

In July this year, the IMF approved an additional $1 Billion for Kenya after its latest loan review. The African country got a $415 million disbursement under the Extended Fund Facility and Expanded Credit Facility.

Keep Reading

Kenya’s economy burdened by a debt

Kenya’s economy is burdened by a debt and a sharp devaluation of its currency Kenyan Shilling against the United States Dollar. William Ruto, the president of Kenya, aims to reduce Kenya’s debt. The government of President William Ruto has planned a budget that can raise 289 billion shillings to supplement the 3.6 trillion shillings for 2023-24. 

The Kenyan government also aims to reduce the deficit by introducing new taxes on cosmetics, fuel, and gambling. 

TAGS:
Tags: IMFKenya
fatima

Recent Posts

UAE Crown Prince Arrives in Ethiopia for WorldWithout Hunger Conference

The UAE’s Crown Prince of Abu Dhabi, His Highness Sheikh Khaled bin Mohamed bin Zayed AlNahyan was in Addis Ababa…

November 5, 2024

Zimbabwe’s rich (Mbingas) linked to state looting

Gilbert Machokoto, a former teacher, said that setting up a business in the late 1980s, shortlyafter Zimbabwe's independence, was ‘like…

November 4, 2024

Historic Shift in Botswana as PresidentConcedes to Opposition Victory

Following elections in which the party that had ruled the diamond-rich nation for almost 60years suffered a historic setback. Botswana's…

November 4, 2024

Lightning Strike at Uganda Refugee CampClaims 14 Lives, Including Children

A lightning strike at a refugee camp in Uganda kills 14 people including children with 34 othershospitalized. The incident happened…

November 4, 2024

From television hopeful to red carpet royalty: Kuhle Adams’ journey frompresenter to South Africa’s biggest awards

From TV hopeful to red carpet royalty, Kuhle Adams' journey is a remarkable story of talentand perseverance. Beginning as an…

November 3, 2024

Breaking Barriers: Kenya’s First FemaleCoach in Men’s Premier League MakesHistory

A new dawn in African football dawns as Jackline Juma is set to become the firstwoman to coach a men’s…

November 3, 2024

This website uses cookies.