· Kenya is set to get access to USD 433million from the International Monetary Fund (IMF) as part of the USD2.34 billion facility approved in April last year subject to the approval of IMF management and the Executive Board in the coming weeks.
Kenya is set to get access to USD 433million from the International Monetary Fund (IMF) as part of the USD2.34 billion facility approved in April last year subject to the approval of IMF management and the Executive Board in the coming weeks. Once approved, it will bring the total IMF financial support to US$1,548 million, according to an IMF statement.
The IMF support is targeted to support Kenya to cover external financing needs emanating from drought and adverse global economic conditions.
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The multilateral lender noted that the economy has shown resilience despite food insecurity and rising inflation. The peaceful completion of the country’s elections improved business confidence and credit availability to the private sector. IMF has estimated growth of 5.3 percent in 2022 for Kenya though the domestic policy tightening and a global slowdown may impact the outlook for 2023. IMF urged Kenya to continue with structural and governance reforms, particularly in implementing greater transparency and accountability. It also emphasized the need to reform financially troubled state-owned enterprises–including Kenya Airways and Kenya Power and Lighting Company.
