Kenya strikes deal on $2.4 billion IMF package

“Multi-year effort” required to stabilise public finances and boost growth

Patrick Njoroge
CBK governor Patrick Njoroge

Kenyan authorities have struck a deal with an International Monetary Fund team that should unlock $2.4 billion in funding for the East African nation.

The staff-level agreement paves the way for Kenya to access medium-term funding under the IMF’s extended fund facility and extended credit facility. The programme is set to run for 38 months.

A key aim is to help Kenya stabilise its debt, which spiralled in the wake of the Covid-19 pandemic. Figures published by the Central Bank of Kenya (CBK)

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