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Kenya : IMF Approves $941 million loan to alleviate economy

The International Monetary Fund (IMF) has approved a financial loan of $941 million for Kenya, providing immediate relief to the East African country grappling with economic challenges. This allocation, with a significant portion of $624.5 million available immediately, falls under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) programs.

Additionally, $60.2 million will be unlocked through the Resilience and Sustainability Trust (RST) arrangement. This approval brings the total IMF commitment to Kenya to over $4.4 billion, aimed at addressing the country’s acute liquidity issues, especially in anticipation of the upcoming maturity of a $2 billion Eurobond in June, thereby easing pressures on foreign exchange reserves.

The IMF’s decision follows a preliminary agreement reached with Kenyan officials in November 2023.

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