IMF Approves Disbursement of $447.39 million to Kenya

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The International Monetary Fund’s (IMF) board has approved the disbursement of $447.39 million to Kenya after a review of its lending programme.

The fund stated in a statement that progress toward fiscal consolidation had caused Kenya’s public debt to “level off,” and it added that it had allocated additional financing under an existing facility.

In April of last year, the IMF and the country of East Africa agreed to a 38-month financing arrangement under its extended fund facility and extended credit facility. The most recent payment brings the total to $1.65 billion.

Kenya will now receive a total of $2.416 billion from the current agreement. According to the IMF, Kenya’s economy is “resilient” and will likely grow by 5.3% this year. The IMF also predicted that the inflation rate would peak in the first quarter of 2023.

Reuters

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