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, which has seen a significant increase in COVID-19 cases, with an average of 40 cases a day rising to 582 by Wednesday.
According to the IMF, the government has taken decisive action to respond to the pandemic's health and economic impacts, but the sudden shock has left Kenya with significant fiscal and external financing needs.
"The IMF has approved the disbursement of $739 million to be drawn under the Rapid Credit Facility to support the authorities' response to the COVID-19 pandemic," the IMF said in a statement.
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 the purpose they are meant for.
COVID-19 cases in Kenya rose to 582, prompting the government to declare a lock-down in Nairobi's Eastleigh and Old Town region in Mombasa.
Health Cabinet Secretary Mutahi Kagwe warned that cases are increasing and that the situation in Eastleigh and Old Town has become of serious concern.
