The Executive Board of the International Monetary Fund (IMF) has completed the Third reviews under the 38-month arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements.
The Board’s decision allows for an immediate disbursement of $235.6 million usable for budget support, bringing Kenya’s total disbursements for budget support so far to about $1.2082 billion.
Kenya’s EFF/ECF arrangements aim to support Kenya’s program to address debt vulnerabilities, the authorities’ response to the COVID-19 pandemic and global shocks resulting from the war in Ukraine, as well as to improve governance and support broader economic reforms.
Kenya’s economic program supported by the Fund’s Extended Fund Facility and the Extended Credit Facility arrangements is providing an essential policy anchor to debt sustainability and public confidence. Despite the resilient economic recovery, the program remains subject to downside risks, including from deeper disruptions from the war in Ukraine, unsettled global market conditions, and an increase of food insecurity.Ms. Antoinette Sayeh, Deputy Managing Director and Acting Chair