[AFP]Kenya will receive about Sh34.4 billion from the International Monetary Fund (IMF) next week as part of the 38-month loan agreement with the Washington-based institution. In a press briefing yesterday, Central Bank of Kenya (CBK) Governor Patrick Njoroge said the IMF board was expected to approve the Sh262 billion loan agreement on Friday. “The bottom line here is that the programme is intended to support Covid-19 response and…provide direct budget support,” said Njoroge. However, Kenya requested some leeway to prop up corporations that have been hit hard by Covid-19, with Treasury releasing Sh26 billion to recapitalise cash-strapped Kenya Airways. Should Kenya receive IMF funds, it will have got Sh340 billion from the Bretton Woods institution since Covid-19 hit in March 2020.

Source: Standard Digital March 31, 2021 06:31 UTC