Kenya has received a $235.6 million (Sh27.8 billion) loan as part of IMF's cushion fund approved in April last year.
This follows the completion of the third review under the 38-month arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements by IMF's board late Monday.
The amount will be used for budget support, bringing Kenya’s total disbursements for budget support so far to about $1.208 billion.
This is part of the $2.34 billion loan facility approved by the international lender for Kenya on April 2, 2021.
Although much delayed, the facility is expected to strengthen the country's foreign exchange reserve which has been declining as CBK released more dollars into the market to support the weakening shilling that has since dropped to 118 units against the greenback.
IMF said the cushion is delivering resilience by helping the country navigate global shocks while still meeting the authorities’ targets and continuing to make progress in addressing debt vulnerabilities.
