Kenya has secured a $2.4 billion (Sh250 billion) loan facility from IMF to help in the post-Covid-19 economic recovery initiative.
The staff-level agreement was reached on Monday after the IMF team completed the second round of negotiations with Kenyan authorities.
The deal now awaits the international lender's board approval that will see the country receive the first tranche of close to Sh75 billion in the current financial year.
The staff team from the International Monetary Fund (IMF) led by Mary Goodman conducted virtual missions to Kenya from December 9 to 17, 2020, and from February 4 to 15, 2021 to undertake negotiations on a combined 38-month program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements.
''I am pleased to announce that the Kenyan authorities and the IMF mission team have reached agreement on economic and structural policies that would underpin a 38-month program under the EFF and ECF arrangements for about $2.4 billion,'' IMF head of staff mission to Kenya Mary Goodman said.
This will be the second time the country will be receiving the facility after the international lender disbursed Sh78 billion in May last year to help Kenya manage the social-economic pressures of Covid-19 that has since claimed over 2.4 million globally.