IMF Board Approves $2.3bn Aid Package For Kenya

Must Read

Governors reject Buhari’s Executive Order

State governors under the umbrella of Nigeria Governors Forum NGF has rejected the Executive Order 10 signed...

Polio Virus may resurface in Nigeria – UNICEF

The United Nations Children Fund (UNICEF) has warned that the Wild Polio Virus (WPV)may resurface if adequate...

EFCC arrests ex-Gov Okorocha

A former governor of Abia State and the senator representing Imo West senatorial districts Chief Rochas Okorocha,...

The IMF on Friday approved a $2.34 billion aid package to Kenya to “address the urgent need to reduce debt vulnerabilities,” the institution said in a statement.

The Washington-based development lender said the funds would be spread over 38 months, with an immediate disbursement of about $307.5 million, “usable for budget support.”

“Kenya was hit hard at the onset by the Covid-19 pandemic,” the International Monetary Fund said, highlighting the country’s “forceful policy response” that led to an economic recovery in 2021 after a slight contraction in GDP in 2020.

But the crisis has also exacerbated “pre-existing fiscal vulnerabilities.”

“Kenya’s debt remains sustainable, but it is at high risk of debt distress,” the statement said, adding that “fiscal and balance-of-payments financing needs remain sizable over the medium term.”

Antoinette Sayeh, IMF deputy managing director, called the aid “a strong signal of support and confidence” but noted it is “subject to notable risks, including from uncertainty about the path of the pandemic.”

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Governors reject Buhari’s Executive Order

State governors under the umbrella of Nigeria Governors Forum NGF has rejected the Executive Order 10 signed...

Polio Virus may resurface in Nigeria – UNICEF

The United Nations Children Fund (UNICEF) has warned that the Wild Polio Virus (WPV)may resurface if adequate measures are not taken.Elizabeth Onitolo,...

EFCC arrests ex-Gov Okorocha

A former governor of Abia State and the senator representing Imo West senatorial districts Chief Rochas Okorocha, have been arrested by the...

China lifts 770 million rural people out of poverty

More than 770 million of China's rural population living below the current poverty line have been raised from poverty.This was contained in...

Facility upgrade begins in Oro General Hospital soon, says Kwara Gov

By Steve Oni, Ilorin Kwara State would commence the upgrade and equipping of the Oro General Hospital in Irepodun...
- Advertisement -

More Articles Like This

- Advertisement -