Washington-based global lender IMF has approved Kenya’s Sh257 billion loan for Kenya, to relieve some of the economic burdens currently facing the country. In a statement on Friday, the body revealed its highest decision-making organ approved a 38-month funding plan for Kenya, under its Extended Credit Facility and the Extended Fund Facility.
”The program supported by EFF/ECF arrangements with the Fund provides a strong signal of support and confidence. The Kenyan authorities have demonstrated strong commitment to fiscal reforms during this unprecedented global shock, and Kenya’s medium-term prospects remain positive,” IMF Deputy Managing Director Antoinette Sayeh said in a statement on Friday.
Treasury Secretary Ukur Yatani told the press Kenya walked to the IMF and asked for support to deal with economic woes. He assured the country the structural reforms will be implemented by Kenya and not the lender.