IMF to disburse $410 million in aid to Kenya

The payment must first be approved by the Board of Governors, which is set to meet in the coming weeks, the International Monetary Fund (IMF) said in a statement.

Kenya's President Uhuru Kenyatta (C) gives an address following his tour of the Nairobi National Vaccine Depot where the country's first batch of COVID-19 vaccines are preserved in cold storage in Nairobi on 4 March 2021. Picture: AFP

WASHINGTON, United States - The IMF said Monday it had reached an agreement to move forward on the disbursement of $410 million to Kenya as part of an aid package approved in April.

The payment must first be approved by the Board of Governors, which is set to meet in the coming weeks, the International Monetary Fund (IMF) said in a statement.

The IMF approved a $2.34 billion aid package for Kenya in April, to be disbursed over 38 months, under the Extended Credit Facility and the Extended Fund Facility, the first review of which took place over the last several weeks.

About $307.5 million was immediately dispensed for budget support.

"Economic recovery is under way and the easing of the COVID-19 third wave in Kenya suggests activity should continue picking up, but the environment for policy making remains subject to uncertainty," the IMF's statement said.

The statement also hailed Kenyan authorities' efforts to increase transparency and fight corruption.

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