Kenya-IMF talks over a $1.6 billion loan making ‘significant progress’ --[Reported by Umva mag]

• Kenya and the IMF talks on a new loan are making “significant progress,” Central Bank Governor has revealed.
• The country eyes about $487.2 million (Sh62.9 billion) under the IMF’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF)​.
• Completing the second review under the Resilience and Sustainability Facility (RSF), approved on July 17, 2023, will provide another $120 million to Kenya.

Kenya will receive a loan of up to $1.61 billion (Sh209.3billion) from the International Monetary Fund (IMF) in December to back up the governments reserves, the Central Bank of Kenya has revealed.

This is after the government and IMF agreed to combine the seventh and eighth reviews which will raise the government access to $1.61 billion, increasing the country’s reserves to $1.9 billion (Sh245 billion) by the close of the year.

CBK Governor Dr. Kamau Thugge has confirmed that discussions with the IMF are nearing completion. The talks, have …

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