Kenya taps facility from IMF

Nairobi — The International Monetary Fund (IMF) will soon disburse another Sh28.2 billion (US$12 million) to the National Treasury to help the country recover from the ravages of the Covid-19 pandemic. This follows an agreement between IMF staff and the Kenyan authorities. It will be the third disbursement of the Sh256 billion (US$110 million) credit facility that Kenya signed with the Washington-based lender on April 2, 2021, said IMF staff in an end-of-mission statement. The disbursement will push to Sh136.3 billion (US$58,7 million) the money that Kenya has received from the IMF, with the country expected to institute a raft of policy changes to remain in the good books of the Bretton Woods institution. —