IMF Board has approve about US$2.34 billion ECF and EFF arrangements for Kenya. The three-year financing package will support the next phase of the authorities’ COVID-19 response and their plan to reduce debt vulnerabilities while safeguarding resources to protect vulnerable groups.
The Fund-supported program will also advance the broader reform and governance agenda, including by addressing weaknesses in some state-owned enterprises (SOEs) and strengthening transparency and accountability through the anticorruption framework.
This comes as Fitch Ratings recently affirmed Kenya’s credit rating at ‘B+’ with a negative outlook. Fitch says that on the positive, the rating reflects the country’s strong economic growth, macroeconomic stability, and favourable public debt composition.
Estimates show that Kenya faces US$2.6 billion in sovereign external debt servicing in 2021 and US$3.6 billion in 2022.
Kenya will use a combination of the IMF financing, a US$1 billion World Bank loan as well as a Eurobond issuance in 2021 and 2022 to service this debt obligation.
France President Macron Says Russia Must Answer For War Crimes In Bucha Ukraine 
Seven Countries Jointly Call On Taliban To Ensure Rights 
Two Russian soldiers killed and 28 ill ‘after being given poisoned food by Ukrainian civilians’ 
