The International Monetary Fund (IMF) on Thursday, January 17, approved a Ksh150 billion (USD941.2 million) loan for Kenya albeit with two conditions. President William Ruto’s administration will receive with immediate effect ksh109 billion ($684.7 million) of the total loan sum, with its usage closely monitored by the IMF. A photo of IMF Mission Chief for Kenya, Haimanot Teferra Photo New Times RwandaOne of the conditions of the loan is that it be used to implement the nation’s economic reforms. Ksh9.5 billion under the RSF arrangement will be used for the implementation of policies to mitigate the ravages of climate change. He remarked that this had thrown Kenya into a debt pitfall making it hard to invest in development projects.

Source: Daily Nation January 18, 2024 04:28 UTC