IMF approves disbursement of $447.39 million to Kenya
The International Monetary Fund's board has approved the disbursement of $447.39 million to Kenya after a review of its lending programme, the fund said on Tuesday....
The fund stated that Kenya's public debt has begun to "level off" as a result of fiscal consolidation progress. It also added that it had allocated additional financing under an existing facility. In April 2013, the IMF extended its credit facility and extended fund facility to East Africa, and reached a 38-month financing agreement with Kenya. According to the IMF, Kenya will receive $2.416 billion in the new deal. The IMF said that both sides reached an agreement last month for an increase to meet external financing requirements "resulting from drought and difficult global financing conditions". President William Ruto's government took office in September and plans to cut commercial borrowing to make way for cheaper sources such as the World Bank, to lower the revenue servicing burden. According to the IMF, Kenya's economy is "resilient" with an expected growth of 5.3% this year. Inflation was also expected to peak in early-2023, according to the IMF. (Reporting by Duncan Miriri. Editing by Jonathan Oatis. Kenneth Maxwell.