Kenya is to be given $410 million (Shs 44billion), in the second disbursement of the $2.34 billion International Monetary Fund (IMF) loan that was approved last month.
Kenya got cleared for the second phase after the group led by Mary Goodman steered a virtual mission to Kenya from April 29 to May 14. Its major cause was to talk over development on reforms.
They, however, delved into the government’s policy priorities of the first review of Kenya’s economic program sustained by the IMF.
“The IMF staff team and the Kenyan authorities have reached a staff-level agreement on the first review of Kenya’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF),” read the mission statement.
Meanwhile, Kenya received Shs34 billion early last month despite Kenyans appealing for a stop to the borrowing. The disbursement was scheduled to happen in bits of 38 months.
According to the Daily Nation, Kenya borrowed Shs 971 billion between March and November 200 in the fight against COVID-19. This is approximately at least Shs 121 billion every month in the 8 months.
At the end of the 38- month loan programme, Kenya will mark a total of Shs 340 billion received from Bretton Woods institution since COVID-19 hit Kenya in March.
By Everlyne Bosibori