Sharp Daily
No Result
View All Result
Monday, July 28, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Kenya secures KES 150 billion IMF loan amid economic challenges

Faith Chandianya by Faith Chandianya
January 18, 2024
in News
Reading Time: 2 mins read

The International Monetary Fund (IMF) has granted approval for a loan of KES 150 billion (USD 941.2 million) to Kenya. However, the disbursement of funds under President William Ruto’s administration is contingent upon adherence to two specified conditions.

Notably, an immediate release of Ksh109 billion (USD 684.7 million) from the total loan amount is sanctioned, subject to vigilant oversight by the IMF to ensure proper utilization.

The disbursement occurred within the framework of the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programs, as indicated in a statement released by the international financial institution.

“Kenya’s growth remained resilient in the face of increasing external and domestic challenges. The EFF/ECF and RSF arrangements continue to support the authorities’ efforts to sustain macroeconomic stability,” the IMF statement read in part.

RELATEDPOSTS

Why firms are shedding jobs despite survival

June 19, 2025

Opinion: Austerity wrong medicine for Kenya’s economy.

June 16, 2025

Kenya is contending with acute liquidity challenges amidst uncertainty surrounding its ability to secure financial market funding prior to the maturity of a $2 billion (Ksh. 319 billion) Eurobond in June.

The government has indicated that, in conjunction with anticipated funds from the World Bank as well as regional entities such as the African Export-Import Bank and Trade and Development Bank, International Monetary Fund (IMF) resources will assist in meeting the imminent foreign debt maturity without depleting its reserves of hard currency.

The impact of the COVID-19 pandemic and recurrent climate change-induced droughts has strained Kenya’s balance of payments and financial positions, as reported by the IMF. Additionally, the country’s currency, the shilling, has experienced depreciation.

The approval of the new IMF funding comes subsequent to a staff-level agreement reached with Kenyan officials in November. Minor discrepancies in dollar values are attributed to fluctuations in the IMF Special Drawing Rights unit of account.

Previous Post

Uganda’s largest electricity distributor issues profit warning, blames amortisation charge

Next Post

Safaricom tops telecom market as Airtel, Telkom fall short in CAK report

Faith Chandianya

Faith Chandianya

Related Posts

commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025

LATEST STORIES

Shri Krishana Overseas lists on NSE

July 25, 2025

Why young professionals should care about pensions

July 23, 2025

How Kenya can reinforce fiscal rules to prevent recurrent budget overruns

July 23, 2025
commercial illustrator

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025

Transferring Your Retirement Benefits Between Pension Schemes in Kenya

July 23, 2025

Invest in stability: introducing the Cytonn USD money market fund

July 18, 2025

The Importance of Asset Diversification on Kenyan Pension Funds

July 18, 2025

Park your money where it grows: Why more Kenyans are turning to Cytonn Money Market Fund

July 16, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024