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IMF board signs off on $1 bln in funds for Kenya

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The International Monetary Fund's executive board on Monday signed off on nearly $1 billion in new funding for Kenya that could ease pressure on government finances in East Africa's largest economy, the global lender said in a statement.

The IMF said the board completed the fifth reviews under Kenya's Extended Fund Facility and Extended Credit Facility, allowing for an immediate disbursement of about $415.4 million, and extended those arrangements to 48 months from 38 to give Kenya more time to implement reforms.

The IMF said Kenya had made good progress in implementing economic reforms despite facing the worst drought in decades, as well as a challenging external environment.

 

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