By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: IMF to wire Sh58.8 billion loan to Kenya
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > Business > IMF to wire Sh58.8 billion loan to Kenya
Business

IMF to wire Sh58.8 billion loan to Kenya

hallanaija
Last updated: July 18, 2023 1:28 pm
hallanaija
2 years ago
Share
CBK
SHARE

The International Monetary Fund (IMF) has approved the disbursement of Sh58.8 billion ($415.4 million) to Kenya in its latest review of its multi-year programme, which runs until April 2025.

The new disbursement is expected to raise the multilateral lender’s cumulative funding to the country under the programme to Sh288.6 billion ($2.04 billion) since its approval in April 2021.

The Washington-based institution has additionally approved the disbursement of Sh78 billion ($551.4 million) under the resilience and sustainability facility (RSF), which is expected to support the country’s efforts in combating the effects of climate change.

Disbursements under the RSF are expected to run alongside the extended fund facility and the extended credit facility arrangements (EFF/ECF), which have now been extended to 48 months until April 2025.

The IMF says the government has made progress in implementing economic reforms which underpin the multi-year programme despite headwinds, including drought and a challenging external environment.

CBK

The lender says the programme continues to support the government in addressing economic stability.

“While the medium-term outlook remains positive, in the near-term, global headwinds continue to have a bearing on economic activity, amid elevated inflationary pressures. The authorities’ commitment to robust policies to sustain reforms that promote resilient and inclusive growth will support Kenya’s positive medium-term prospects,” noted Antoinette Sayeh, the deputy Managing Director and acting chair of the IMF.

READ MORE  How escalating Red Sea crisis poses billions of dollars of risk for India

The multilateral lender says the passage of the 2023/24 budget and the 2023 Finance Act are critical steps in supporting ongoing fiscal consolidation efforts to reduce debt vulnerabilities.

The fund has, nevertheless, called for sustained structural reforms, including the strengthening of public financial management systems and management of fiscal risks from State-owned enterprises.

Reforms undertaken through the RSF programme are meanwhile expected to improve Kenya’s readiness to address climate-related challenges.

Kenyan tech firm modernises Liberia’s revenue collection
Court now clears way for Imperial Bank liquidation
Invesco implemented formal management.
KICC earned Sh1.07 billion revenue in 6 months CS Mutua Says
NBK seeks Sh566m from Nairobi on revenue contract termination
Share This Article
Facebook Email Print
Previous Article Azimio calls for a ‘sufuria movement’ starting mid-day tomorrow
Next Article Gateri Why 2021 Junior Champ Gateri Is Struggling In Women’s 5000m
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • #Arsenal: Richards gives verdict on Gyokeres, advises Arteta to replace Martinelli with Eze
  • Hulk Hogan’s estranged daughter reveals why she skipped his funeral
  • Former Arsenal star, Thomas Partey allowed to move to Spain and sign for Villarreal after being granted bail over five r@pe charges against two women
  • CHAN: Why Senegal beat Nigeria – Super Eagles coach, Chelle
  • #EPL: Wilshere set for Arsenal return

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?