IMF approved $258 million loan disbursement to Kenya

The International Monetary Fund’s Executive Board has approved a $258 million loan to Kenya.

According to the IMF, the board’s decision on the disbursement will bring total IMF financial support to $973 million under Kenya’s Extended Fund Facility and Extended Credit Facility programs.

“Kenya has shown remarkable resilience in the face of the COVID shock in 2020, and the country is on the mend economically.” “In 2021, growth is expected to accelerate to 5.9%,” according to the IMF.

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“Though uncertainty and pandemic-related pressures will persist until vaccinations become widely available,” it said of Kenya’s COVID-19 vaccination program.

Kenyan authorities have demonstrated strong commitment to their reform agenda in a difficult environment, according to the IMF, and have kept careful control of government spending to keep the deficit under control.