The International Monetary Fund (IMF) board will on Friday decide on Kenya's $2.4 billion (Sh261 billion) loan request, Central Bank Governor Patrick Njoroge has said. ''The IMF board is meeting on April 2 where it is likely to approve Kenya's request of $2.4 billion facility for budgetary support especially on external debt obligation,'' Njoroge said. Last May, the IMF gave Kenya Sh79 billion through the Rapid Credit Facility to help deal the socio-economic effects of the pandemic. Last month, IMF indicated that Kenya spent approximately $2.4 billion by end of last year to fight the social-economic pressures of Covid-19. This comes against a backdrop of weaker credit rating by global rating agencies pointing out that Kenyan tax payers will have to dig deep into their pockets to service the planned loan.

Source: The Star March 31, 2021 00:56 UTC