Written By John Mutiso 📝
The International Monetary Fund (IMF) has agreed to advance an Sh28 billion loan to Kenya as part of the $2.3 billion Special Drawing Right (SDR) approved in April of last year.
The agreement is subject to IMF management and the Executive Board’s approval in the coming weeks.
After the review is completed, Kenya will have access to $244 million, bringing the total IMF financial support under these arrangements to approximately $1.17 billion (Sh134.5 billion).
The sum is intended to protect the country from the economic consequences of the Covid-19 pandemic.
According to the lender, Kenya is on track in terms of fiscal responsibility, particularly in terms of debt management.
The country has gradually reduced its expensive external commercial debt in the 2022/23 budget, with the debt limit set to be 55% of GDP.
The country’s debt is currently Sh8.2 trillion, or 69.8% of GDP.
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