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Kenya gets $264 million from IMF to boost economic recovery

Kenya will sustain ring-fencing of priority social spending and support those affected by the ongoing drought

KENYA has received the green light to access $264 million from the International Monetary Fund (IMF) following the conclusion of a second review of the institution’s extended fund facility and extended credit facility, the National Treasury and IMF said in statements on Friday evening.

This will bring the total cash the east African nation has received in 2021 from the IMF to $984 million.

The IMF noted that Kenya has remained committed to its economic reforms despite a complex environment and its long-term economic outlook which it said remains positive.

‘Kenya’s economic rebound continues and the Covid-19 vaccination program has ramped up. The pandemic delivered a setback to Kenya’s sustainable development goals. New challenges include drought and energy and food prices are rising,’ said the IMF.

Kenya’s Treasury Cabinet Secretary Ukur Yatani said the release of the money followed the conclusion of the IMF mission’s second review of the country’s 38-month economic program.

Yatani said Kenya will sustain ring-fencing of priority social spending and support those affected by the ongoing drought.

 

Source
Xinhua

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