This archive report was first published on 7 May 2020.
On May 7, 2020, the International Monetary Fund (IMF) approved a Sh78.3 billion disbursement to Kenya to address the impact of the COVID-19 pandemic.
The funds will be drawn from the Rapid Credit Facility to support Kenya's response to the pandemic, which has seen a significant increase in cases, with an average of 40 cases reported daily, rising to 582 by Wednesday.
According to the IMF, the disbursement of $739 million will provide liquidity support to help Kenya cover its balance of payments gap this year, as well as provide resources for fiscal interventions to safeguard public health and support households and firms affected by the crisis.
As part of the agreement, the IMF will conduct independent post-crisis auditing of COVID-19 related expenditures and publish the results to ensure that the funds are utilized for their intended purpose.
Kenya has seen a significant increase in COVID-19 cases, with 582 reported by Wednesday, prompting the government to declare a lockdown in Nairobi's Eastleigh and Old Town region in Mombasa.
Health Cabinet Secretary Mutahi Kagwe warned that cases were increasing and that the government was taking measures to contain the spread of the virus, including mass testing and the declaration of a cessation of movement in affected areas.
