IMF Archives - Daily Chronicles

IMF Approves Ksh.55 Billion Loan To Kenya

20Dec

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local news

IMF Approves Ksh.55 Billion Loan To Kenya

The International Monetary Fund (IMF) has approved a Ksh.55.1 billion ($447.39 million) loan to Kenya. The loan represents the fourth tranche of a wider Ksh.288 billion ($2.34 billion) 38-month long loan facility which was first approved in April last year. The new loan bring total disbursements under the three year program to Ksh.203.8 billion ($1.656 billion) after the fourth review of the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements between the IMF and Kenya. Nevertheless, cumulative disbursements from the IMF rise to Ksh.297.3 billion ($2.416 billion) following the adjustment/augmentation of the loan facility to factor in additional resources on the request of the Kenyan government. The IMF says Kenya has made progress on fiscal consolid...

Kenya Receives Additional Ksh.15.5 Billion Financing From IMF

9Nov

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Business

Kenya Receives Additional Ksh.15.5 Billion Financing From IMF

Kenya has unlocked Ksh.15.5 billion ($127.4 million) in additional financing from the International Monetary Fund (IMF). This follows successful discussions to amend the country’s ongoing program with the multi-lateral lender to provide additional financing. In a statement Tuesday night, the IMF says the extra financing which is equivalent to $162.84 million worth of special drawing rights (SDRs) covers external financing needs resulting from drought and challenging global financing needs. $1=Ksh.121.67 The additional financing is expected to trickle in as part of the ksh 52.4 billion fourth tranche loan from Kenya’s 38-month program which currently awaits the approval of the IMF Executive Board. Kenya had access to up to Ksh.27.2 billion in beyond its Ksh.284.6 billi...

Activist Kiama released due to lack of sufficient evidence.

20Apr

By Nasra HusseinNo Comments

Politics

Activist Kiama released due to lack of sufficient evidence.

A Milimani court has released human rights activist Edwin Kiama unconditionally after the prosecution failed to provide sufficient evidence for his prosecution. Senior resident magistrate Jane Kamau on Tuesday set the activist free and ordered that the cash bail of Sh500, 000 deposited in court be refunded back to him. While releasing Kiama, Kamau dismissed the application by the prosecution saying that the gadgets obtained from Kiama had been taken to the Communication Authority of Kenya and the report had not been availed. The gadgets include phones and laptops obtained from Kiama. Kiama's lawyer requested the prosecution to release the phones and laptops confiscated from his client. The case will be mentioned on May 21. The court had last week declined to detain h...

3Apr

By Nasra HusseinNo Comments

Business, Politics

IMF approves sh255bn loan.

The International Monetary Fund has approved a Sh255 billion loan for Kenya which the Treasury says would be used to support the next phase of the Covid-19 response and address the urgent need to reduce debt vulnerabilities. The financing is under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF). An initial disbursement of Sh79 billion is expected, of which Sh34 billion will be released immediately and Sh44.2 billion by June 30. Treasury says the 38-month programme will help scale up Covid19 response; reduce debt vulnerabilities; address weaknesses in state-owned enterprises; and support financial stability. Yatani said the country pursued the loan as the early measures announced by the government to the effect of tax reliefs, expanded health sp...