Kenya to get Kshs. 52.7B loan after IMF board approval

The IMF and Kenyan authorities have reached a staff-level agreement following a fourth review of the on-going 38-month economic programme supported by the IMF. As a result, Kenya will now have access to an additional 52.8 billion shilling loan facility. The agreement is subject to the approval of the IMF management and board in the next few weeks, with the funds expected to be disbursed in December. The funds are part of a 2.3 billion dollar loan approved in May last year. Kenya is expected to channel the funds towards mitigating the impact caused by the ongoing drought. The review is the first by the IMF since the new administration led by President William Ruto, took over in September this year. Economic observers have urged the government to reduce its debt accumulation and eventually restructure its debt to make it sustainable