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.
