Following an agreement on economic policies reached by IMF staff and Kenyan authorities in an aid package approved in April, the International Monetary Fund (IMF) will issue Kenya with Ksh48 billion.
Mary Goodman who led the IMF team to the country indicated that Kenya met conditions for the US$410 million facility.
“IMF staff commend the authorities’ decisive policy actions to contain the Covid-19 outbreak. Their actions helped to cushion the blow to the economy and maintained the momentum necessary to advance their economic reform agenda,” reads an part of the statement.
The IMF and Kenyan authorities agreed that the IMF played an important role in ensuring Kenya’s long-term economic vitality.
In addition, it was helping Kenya respond to shocks given the uncertainty about the future path of the pandemic.
IMF also praised the Kenya authorities for its efforts to increase transparency and fight corruption.
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