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The International Monetary Fund has reached a staff-level agreement with Kenya, unlocking immediate access to a $682.3m (R12.43bn) tranche and boosting the current lending programme by $938m (R17.01bn), the fund said on Thursday.
“This investment will power our long-term infrastructure projects, demonstrating confidence from international and local partners in our growing economy...
Kenya joined Papps on September 29, after the Central Bank signed the instruments of accession.
The loan comes against the backdrop of sustained pressures on Nigeria’s external sector which has been hit with foreign exchange scarcity resulting into massive depreciation of the local currency.
Even though state-owned companies often have specific mandates related to providing services or generating revenue for the government, however, there may be cases where state-owned companies indirectly support diplomatic efforts.