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...