The Washington-based development lender said the funds would
be spread over 38 months, with an immediate disbursement of about $307.5
million, “usable for budget support.”
“Kenya was hit hard at the onset by the Covid-19 pandemic,”
the International Monetary Fund said, highlighting the country’s “forceful
policy response” that led to an economic recovery in 2021 after a slight
contraction in GDP in 2020.
But the crisis has also exacerbated “pre-existing fiscal
vulnerabilities.”
“Kenya’s debt remains sustainable, but it is at high risk of
debt distress,” the statement said, adding that “fiscal and balance-of-payments
financing needs remain sizable over the medium term.”
Antoinette Sayeh, IMF deputy managing director, called the
aid “a strong signal of support and confidence” but noted it is “subject to
notable risks, including from uncertainty about the path of the pandemic.”
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