The IMF approved a $941 million lending boost to Kenya on Wednesday, with an immediate disbursement of 624.5 million, providing relief to the East African country amid financial pressures.
The disbursement under the EFF and ECF programs will be supplemented by a release of $60.2 million under the RSF arrangement.
Kenya faces liquidity challenges as it seeks funding before a $2 billion Eurobond matures in June.
The government stated that the IMF funds, along with expected funds from the World Bank and regional banks, will help Kenya pay its upcoming foreign debt without depleting its hard currency reserves.
More on Kenya’s financial pressures and IMF lending.
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