The International Monetary Fund said its executive board approved a $235.6 million disbursement to Kenya on Monday as it approved a third review of the country's Extended Credit Facility and Extended Fund Facility arrangements.
The disbursement is usable for budget support and brings such payouts to $1.208 billion under the 38-month arrangements, which were worth $2.34 billion when they were approved in April 2021, the IMF said.
"Kenya’s economy has rebounded strongly in a challenging environment and is projected to grow 5.7% in 2022," the IMF said in a statement, adding that inflation, which hit 7.5% in June, was likely to peak this year before easing back to the Central Bank of Kenya's 2.5% target by early 2023."Downside risks predominate in the near-term.
The IMF said that Kenya showed "very strong" performance in tax collections during the 2021/22 fiscal year, which has created fiscal space to temporarily cushion part of the higher fuel and food costs that have hit households while still meeting the program's fiscal targets. "The approved fiscal year 2022/23 budget broadens tax collection and maintains careful expenditure control while protecting social spending," the IMF said.Reporting by David Lawder; Editing by Sandra Maler and Sam Holmes
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kenya: Ahead of Kenya Elections, Women Politicians Face More Online AbuseWhen Kenyan politician Esther Passaris posted a loving tribute to her late father on Twitter, trolls responded with a barrage of abuse over an accompanying "sexualised" photograph of the 57-year-old in a black kaftan walking alone on a white sandy beach.
Read more »
Kenya: Civil Society Welcomes Supreme Court Verdict Upholding Sonko's ImpeachmentThe Kenya National Civil Society Centre (KNCSC) has applauded the Supreme Court decision sustaining the impeachment of former Nairobi Governor Mike Sonko saying, in so doing, the apex court upheld the spirit of Chapter Six of the Constitution.
Read more »
Bringing Coral Reefs Back to Life in Kenya #AfricaClimateHope
Read more »
Kenya: Odinga Asks Imran Okoth to Drop Re-Election BidAzimio La Umoja - One Kenya Presidential candidate Raila Odinga has asked Kibra Member of Parliament Imran Okoth to drop his re-election bid in favor of Peter Orero Mwalimu.
Read more »
Kenya: EU Observer Mission to Deploy Media Monitors, Technology Analyst During PollsEuropean Union Election Observation Mission have set up a media monitoring team to assess poll coverage in a bid to promote a free, fair and transparent election, the Mission's Chief Observer Ivan Štefánik announced on Saturday.
Read more »
Kenya: Government Issues New Strict Directives on Opening a New ChurchClerics in Kenya will be required to have either a diploma or degree in Theology from a recognized theological institution among other new requirements before opening a Church in Kenya.
Read more »