x

IMF Board Approves $2.3bn Aid Package For Kenya

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.”

Hot this week

Nigeria @65: FCTA Distributes Baby Kits, Gas Cookers to Pregnant Women in Abuja

By Joyce Remi-Babayeju To mark Nigeria's 65th Independence Day Anniversary,...

CSO Hails Sanwo-Olu For Marketing Lagos, Nigeria To Global Investors

A civil society organization, Campaign for Dignity in Governance,...

NGO To Strengthen Advocacy On Maternal and Child Birth Activties 

By Achadu Gabriel, Kaduna  Kaduna Maternal Accountability Mechanism (KADMAM), said...

Kano Assembly Receives Two Commissioner Nominees from Gov. Yusuf

By Jabiru Hassan The Kano State House of Assembly has...

Police to Begin Enforcement of Tinted Glass Permit in Kogi

By Noah Ocheni, Lokoja The Kogi State Police Command has...

Bandits Kill Businessman in Kogi, Kidnap Bus Passengers in Yagba

Ny Noah Ocheni, Lokoja Suspected bandits have killed a prominent...

Kogi Govt to Enforce Ban on Trailer Parks Over Security Concerns

By Noah Ocheni, Lokoja The Kogi State Government has announced...

Nigeria@65: Shendam Council Chairman Urges Youths to Embrace Technology, Innovation

By Israel Adamu, Jos The Chairman of Shendam Local Government...

U.S. Advocacy Groups Reject Tinubu’s IPOB–Boko Haram Comparison, Demand Kanu’s Release

By Achadu Gabriel, Kaduna Three U.S.-based human rights and self-determination...

FCT Minister, Flags-off Abuja Light Up Project

HE Nyesom Wike, the FCT Minister on Thursday, called...

NYCN Launches Tinubu CARES, Empowers Traders as Nigeria Marks 65th Independence

…Rolls out entrepreneurship fund to boost small businesses …..Distributes modern...

Related Articles

Popular Categories

spot_imgspot_img