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IMF approves $2.3bln in financing for Kenya – Statement

Washington: The International Monetary Fund (IMF) approved more than $2.3 billion in arrangements for Kenya to support recovery during the pandemic, the board said in a statement.

“The Executive Board of the International Monetary Fund (IMF) approved 38-month arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for Kenya in an amount equivalent to SDR 1.655 billion (305 percent of quota or about US$2.34 billion) to support the next phase of the authorities’ COVID-19 response and address the urgent need to reduce debt vulnerabilities,” the fund said on Friday.

Kenya was hit hard at the onset by the COVID-19 pandemic, the release added, but a forceful policy response has led to an economic boost in 2021 after posting a slight contraction of 0.1 percent in 2020.

Even with this recovery, however, the IMF said challenges remain to achieve durable and inclusive growth, and poverty reduction.

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