Kenya will receive an immediate disbursement funds of 58.6b from the International Monetary Fund (IMF) to meet its budgetary expenses.

According to IMF Deputy Managing Director and Acting Chair, Antoinette Sayeh, Kenya’s economy has been resilient despite the worst drought in many decades and a difficult external environment.

“The ECF and EFF arrangements continue to support the authorities’ efforts to address emerging challenges to sustain macroeconomic stability and market confidence, promote growth, and advance ongoing reforms,” he said.

Kenya will also receive ksh 77.7 billion under the Resilience and Sustainability Facility (RSF) in what the IMF says will support Kenya’s ambitious efforts to build resilience to climate change.

Additionally, the organisation also approved an extension of the EFF/ECF arrangements from the current 38 months to 48 months in what is expected to grant Kenya sufficient time to implement the authorities’ reform agenda and realize the program’s key objective and an augmentation of access amounting to 75 percent of quota (SH7.1 million) over the extended program duration for balance of payments support.

“While the medium-term outlook remains positive, in the near-term global headwinds continue to have a bearing on economic activity, amid elevated inflationary pressures. The authorities’ commitment to robust policies to sustain reforms that promote resilient and inclusive growth will support Kenya’s positive medium-term prospects,” added Sayeh.

By Pacifica Mochama.