The International Monetary Fund (IMF) will give Kenya Ksh 48 billion loan after the IMF staff and the Kenyan authorities agreed on financial polices in a an aid package approved in April.
In an articulation issued on Monday, May 17, Mary Goodman, who led the IMF group to the country said that Kenya met conditions for the US$410 million facility.
“IMF staff commend the authorities’ decisive policy actions to contain the Covid-19 outbreak.”
“Their actions helped to cushion the blow to the economy and maintained the momentum necessary to advance their economic reform agenda,” reads an excerpt of the statement.”
“With the easing of the third wave of Covid-19 infections compared to high levels seen into April, containment measures have been lifted.”
“The authorities have also launched a Covid-19 vaccination program, and the IMF program is designed to support Kenya’s efforts to accelerate and expand vaccinations,” reads the statement in part.
The IMF and the Kenyan authorities concurred that the IMF was assuming a significant part in supporting Kenya’s long term economic imperativeness.
Also, it was assisting Kenya with reacting stuns given the vulnerability about the path of the pandemic.
IMF however applauded the Kenya authorities for their endeavors towards transparency and fighting corruption.
“The authorities’ plan to adopt a common payroll system at the national and county level should help contain spending growth and limit the scope for corruption,” reads the statement.
In April, IMF supported a $2.34 billion aid package for Kenya sparking protests among Kenyans who blamed President Uhuru Kenyatta’s Government for being corrupt.
