The IMF yesterday disclosed that it had reached an agreement to reach on the disbursement of $410 million to Kenya as part of an aid package that was approved in April.
By IMF standards, the payment must first be approved by the Board of Governors, which is set to meet in the coming weeks, IMF explained in a statement.
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The IMF approved a $2.34 billion aid package for Kenya in April, to be disbursed over 38 months, under the Extended Credit Facility and the Extended Fund Facility, the first review of which took place over the last several weeks.
Africa Today News, New York, understands that about $307.5 million was immediately dispensed for budget support.
‘Economic recovery is underway and the easing of the Covid-19 third wave in Kenya suggests activity should continue picking up, but the environment for policymaking remains subject to uncertainty,’ the IMF’s statement said.
The statement also hailed Kenyan authorities’ efforts to increase transparency and fight corruption.
AFRICA TODAY NEWS, NEW YORK