The International Monetary Fund (IMF) has approved 1.5 billion US dollars standby credit facilities for Kenya.
A statement from the IMF said on Tuesday that the deal comprises of 989.8 million dollars two-year Stand-By Arrangement (SBA) and 494.9 million dollars 24-month Standby Credit Facility (SCF) for Kenya.
“Despite positive policy steps undertaken under the current fund-supported program, the economy remains vulnerable to shocks, reflecting less favorable global financial market conditions, as well as continued security threats and potential extreme weather events,” Zhu Min, IMF Deputy Managing Director, said in the statement.
He said the new precautionary arrangements would provide a policy anchor for continued macroeconomic and institutional reform, and would help mitigate the impact of potential exogenous shocks if they were to materialize. Read more