This archive report was first published on 25 June 2021.
On June 24, 2021, the International Monetary Fund (IMF) announced that Kenya would receive Sh43.5 billion after a review of the country's progress in meeting conditions for a 38-month credit facility approved in April.
This loan brings the total amount Kenya has received from the IMF under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) to Sh76 billion.
According to the IMF, the board's decision allows for an immediate disbursement of $407 million (Sh43.5 billion), bringing Kenya's total disbursements for budget support under the arrangements to about $714.5 million (Sh76.5 billion).
The IMF approved a Sh261 billion credit facility for Kenya on April 2, 2021, to help the country reduce its debt vulnerabilities.
The loan will be disbursed in tranches based on reviews and approvals by the IMF Board.
During the reviews, the IMF noted that Kenya had made progress in different areas, including putting in place mechanisms to reduce debt vulnerabilities through a multi-year fiscal consolidation effort centered on raising tax revenues and tightly controlling spending.
IMF Deputy Managing Director Antoinette Sayeh praised the Kenyan authorities for their strong commitment to their fiscal reform agenda during the unprecedented global shock.
