Kenya gets IMF nod on credit ex­ten­sion

Afro Voice (National Edition) - - BUSINESS -

NAIROBI: The IMF has ap­proved a re­quest by Kenya to ex­tend by six months a stand-by agree­ment due to ex­pire at the end of the month, giv­ing it time to fin­ish re­views. The stand-by agree­ment, which was ap­proved in March 2016, was for $989.8m (R11.6bn), along­side a stand-by credit fa­cil­ity of about $494.9m. Last week the IMF said that stand-by credit fa­cil­ity ar­range­ments could not be ex­tended be­yond 24 months. – Reuters

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