Economic Update
IMF approves a USD 2.34 billion programs for Kenya
On 2nd April 2021, the International Monetary Fund (IMF) Board approved a 3-year financing program of USD 2.34 billion for Kenya to support the country’s response to Covid-19 and budget support. This comes against a backdrop of increased debt-related vulnerabilities exacerbated by the Covid-19 pandemic.
The aim of the program is to address the nation’s high indebtedness through a multi-year fiscal consolidation effort centered on raising tax collections and controlling spending in order to safeguard the interest of vulnerable groups.
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