[Stafford Ondego, Standard]The International Monetary Fund (IMF) has approved a crucial Sh261 billion credit facility for Kenya under a three-year programme. The money is expected to help the country reboot the economy following the adverse effects of the Covid-19 pandemic amid shrinking revenues. Kenya plans to use the money to help turbo-charge the economy which has affected by the pandemic. In May last year, the IMF gave Kenya Sh79 billion through the Rapid Credit Facility to help deal with help with the negative effects of the pandemic. Previously, the country had a precautionary credit arrangement with the IMF, which ended after Kenya flouted some of the conditions, including failure to keep its debt low.

Source: Standard Digital February 16, 2021 19:26 UTC