IMF Approves $1 Billion for Kenya After Latest Loan Review

The International Monetary Fund approved almost $1 billion for Kenya, saying the East African country had met conditions for continued financing under programs to help reform the economy and confront challenges posed by climate change, Bloomberg reported. Kenya got a $415 million disbursement under the Extended Fund Facility and Expanded Credit Facility, programs designed to shore up its economy and boost its foreign exchange reserves, following a fifth review. It also got $551 million as part of the Resilience and Sustainability Facility to “support Kenya’s ambitious efforts to build resilience to climate change,” the IMF said in a statement. The disbursements followed the fifth review of the programs. “Kenya’s economy has been resilient despite the worst drought in many decades and a difficult external environment,” Deputy Managing Director Antoinette Sayeh said in a statement. The arrangements “continue to support the authorities’ efforts to address emerging challenges to sustain macroeconomic stability and market confidence, promote growth, and advance ongoing reforms.” The latest figures will bring total disbursements under the ECF/EFF to about $2 billion. Read more.