Kenya Can Still Access Sh150 Billion Precautionary Loan, IMF Now Says

International Monetary Fund managing director Christine Lagarde is greeted at the Nairobi International Airport by Kenya's Central Bank Governor Njuguna Ndungu (file photo).
21 February 2018

Nairobi — The International Monetary Fund (IMF) has refuted claims that Kenya lost access to its $1.5 billion (Sh150 billion) standby loan in June clarifying that the precautionary financing remains in place until the end of March 2018.

IMF representative in Kenya Jan Mikkelsen says the government continues to have access to resources since last June, "subject to policy understanding and to complete the outstanding reviews."

Mikkelsen adds that the second and third reviews of the program that was due in June and December 2017 could not be completed on schedule due to the prolonged election period.

The funds, approved by the IMF in March 2016, were available for Kenya to access if it faced shocks that led to a balance-of-payments crisis.

He says an IMF team is currently in Nairobi for discussions on a possible new programme and there is hope for an agreement.

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