By JAMES ANYANZWA More by this AuthorThe International Monetary Fund (IMF) is pushing for controlled spending and restructuring of loss-making state corporations to protect Kenyan government revenues and reduce persistent budget deficits. It also underscored the importance of maintaining the momentum of reforms to tackle difficulties at financially-troubled state-owned enterprises (SOEs), including Kenya Airways (KQ) and Kenya Power. The IMF said it is satisfied with Kenya’s progress in economic reforms and the funding deal now awaits endorsement by the Fund’s management and board. Kenya will access $244 million, bringing the total IMF support in a 38-month financing facility to $1.17 billion under the Extended Fund Facility (EFF) and Extended Credit facility (ECF). Kenya was hit hard by the Covid-19 pandemic, with the economy contracting to 0.1 percent in 2020, from 5.4 percent in 2019.

Source: Daily Nation May 03, 2022 15:57 UTC