Kenya to receive Sh34 billion from IMF

Kenya will receive Sh34.4 billion from the International Monetary fund (IMF) as part of their 38-month long agreement.

Central Bank of Kenya governor Patrick Njoroge says the board will also approve a Sh262 billion loan agreement come Friday.

In addition to this, he says the money will be in disbursement as from next week. Over the next few days the country will also receive about $314 million.

This money will not only help Kenya’s balance of payments by shoring up foreign exchange reserves, but also offer budgetary support amid the effects of the covid-19 pandemic.

Njoroge further says, the programme intends to anchor debt vulnerabilities and reduce them.

This follows an approval of Sh261 billion credit facility in Mid-February. The latter, will see the state restructure its ailing parastatals.

There are however fears that, the restructuring of the struggling state-owned enterprising will bring back a notion of the 1990s structural adjustment programme. This programme left thousands of public servants jobless.

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