Kenya secures third assistance from IMF totaling Kshs. 28B

Kenya has secured Kshs. 28 billion ($244 million) from the International Monetary Fund  (IMF), the third financial assistance as part of the 38-month programme approved in April last year.

The assistance under the Extended Fund Facility (EFF) and Extended Credit Facility arrangements will be subject to approval by the IMF management and the Executive Board in coming weeks.

IMF Board approved the two facilities last year amounting to $2.34 billion.

“The IMF staff team and the Kenyan authorities have reached a staff-level agreement on the third review of Kenya’s economic program 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 US$ 244 million), bringing the total IMF financial support under these arrangements to SDR 865.77 million (equivalent to about US$ 1,178 million),” said Mary Goodman, IMF staff lead.

More to follow…