IMF Wires Another U.S.$408 Million Loan to Kenya

The International Monetary Fund has announced that its executives have completed their pre-disbursement engagements with Kenyan officials and approved another U.S.$408 million portion to be wired to the Central Bank of Kenya, as part of the 38-month programme. This now brings the total amount advanced to Kenya in the first three months of the facility, to U.S.$722 million. The approval of the second tranche, expected to hit Kenya's accounts by June 2021, means that the IMF is satisfied with the reforms being implemented by the Kenyan government, as the loan is tied to some specific performance conditions. In April 2021, over 150,000 enraged Kenyans signed a petition in a bid to stop the IMF from releasing a loan for the Covid-19 vaccination campaign, as they are opposed to President Uhuru Kenyatta administration's huge appetite for heavy borrowing without proper accountability.

InFocus

Nairobi City (file photo).

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