The IMF Board had approved US$2.34 billion for Kenyan government. The three year financing package will support the next phase of the authorities’ COVID-19 response and their plan to reduce debt vulnerabilities while safeguarding resources to protect vulnerable groups.

The Fund supported program will also advance the broader reform and governance agenda, including by addressing weaknesses in some state-owned enterprises (SOEs) and strengthening transparency and accountability through the anticorruption framework.

This comes as Fitch Ratings recently affirmed Kenya’s credit rating at ‘B+’ with a negative outlook. Fitch says that on the positive, the rating reflects the country’s strong economic growth, macroeconomic stability, and favourable public debt composition.

Estimates show that Kenya faces US$2.6 billion in sovereign external debt servicing in 2021 and US$3.6 billion in 2022. Kenya will use a combination of the IMF financing, a US$1 billion World Bank loan as well as a Eurobond issuance in 2021 and 2022 to service this debt obligation

Share this story

By M. O

3 thoughts on “IMF approves US$2.34 Billion for Kenya to combat Covid-19”
  1. Great blog right here! Additionally your web site loads up fast! What web host are you the usage of? Can I get your affiliate link to your host? I wish my website loaded up as fast as yours lol

  2. Aw, this was a really nice post. In idea I wish to put in writing like this additionally ?taking time and precise effort to make a very good article?but what can I say?I procrastinate alot and in no way appear to get one thing done.

  3. It is really a nice and useful piece of information. I am glad that you shared this useful info with us. Please keep us up to date like this. Thank you for sharing.

Leave a Reply

Your email address will not be published.