IMF Approves $2.3 Billion Three-Year Funding Plan for Kenya

IMF Approves $2.3 Billion Three-Year Funding Plan for Kenya
Bloomberg
1 day ago
Eric Ombok
© Bloomberg
A passenger on a bus wears a protective face mask in Nairobi, Kenya, on Thursday, April 23, 2020. Kenya's economic growth could slow to as low as 1% this year as effects of the coronavirus pandemic take a toll on businesses and revenue, according to the National Treasury Secretary Ukur Yatani.
(Bloomberg) --
The International Monetary Fund approved a $2.34 billion financing package for Kenya to support the country’s Covid-19 response and address an urgent need to reduce debt vulnerabilities.
Approval of the so-called Extended Credit Facility and Extended Fund Facility will enable immediate disbursement of about $307.5 million for budget support in the East African nation, the Washington-based lender said Saturday in an emailed statement.

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