The IMF Executive Board on Wednesday approved Sh78,371,263,871 emergency financing to Kenya which is meant to help the government in responding to the affected economy. IMF Deputy managing Director and Acting Chair to the Board Tao Zhang said during the conclusion of the board discussion that the Covid-19 has delivered a large economic shock to Kenya. "We thank IMF Board for their confidence in our policy measures despite the difficult times occasioned by the Covid-19 pandemic,” Yatani told the Star. "The CBK should also continue to allow the exchange rate to act as a shock absorber," Tao Zhang said. According to Tao Zhang, the government of Kenya promised to carry out independent post-crisis auditing to ensure that Covid-19 resources are used well.

Source: The Star May 06, 2020 21:57 UTC