International Monetary Fund says East African state met its targets, but risks remain
IMF says the programme remains subject to downside risks. Picture: BLOOMBERG
The approval brings the IMF’s total disbursements to Kenya to $1.21bn, out of a total of about $2.34bn available under a 38-month programme approved in April 2021, the Washington-based lender said in an emailed statement on Monday. The financing was approved after the fund completed its latest review.
“Continued steadfast commitment to prudent policies and advancing structural reforms remains essential to maintain macroeconomic stability and safeguard Kenya’s positive medium-term prospects,” it said. The government included the loan tranche in its external financing for the fiscal year ended June 30, but the lender’s approval for a disbursement came only after that period ended. Kenya was banking on the cash after scrapping plans to borrow $1bn from commercial banks in the past fiscal year, having earlier abandoned a euro bond issue of a similar size due to unfavourable pricing.
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