IMF approves Kenya’s request for an emergency loan to combat Covid-19

The International Monetary Fund, IMF has approved Kenya’s request for an emergency loan that will be used to address the next phase of Covid-19 pandemic response.

It has approved a $739 million (Ksh79.3) billion loan to Kenya to help the country fight Covid-19.

The request by Kenya is for three and a half years.

IMF Logo.

IMF in a statement agreed to grant Kenya the request.

It stated that there were due reasons why the country needed the bailout.

The deal was sealed after virtual meetings between the lender and key government officials.

Apart from helping the country to combat the next phase of Covid-19, the funds are set to help Kenya stabilize its economy.

Treasury CS Ukur Yattani, CBK Governor Patrick Njoroge have already met officials from the lender for deal finalization.

Kenya will access the funds through the IMF Extended Credit Facility, a program that provides assistance to countries in the next phase of Covid-19 response.

Treasury CS Ukur Yattani.