NAIROBI, Jan 18: The International Monetary Fund said it has granted Kenya a new loan of more than $941 million to help buttress the finances of the cash-strapped East African nation.
Kenya is grappling with a host of economic challenges including a vast debt mountain, cost of living crisis and tumbling currency.
The IMF said in a statement published on Wednesday that its executive board had approved the $941.2 million loan, with an immediate disbursement of $624.5 million.
Total payments under various credit facilities amount to about $2.6 billion, it added.
The Washington-based agency said it forecast Kenyas economic growth at around five percent this year, from an estimated 5.1 percent in 2023.
"Kenyas growth remained resilient in the face of increasing external and domestic challenges," said Antoinette Sayeh, IMF deputy managing director and acting chair, said in the statement.
The credit arrangements for Kenya "continue to support the authorities efforts to sustain macroeconomic stability, strengthen policy frameworks, withstand external shocks, push forward key reforms, and promote more inclusive and green growth".
According to the latest Treasury data released this month, Kenyas public debt stands at 10.585 trillion shillings ($65.5 billion).
In December, Kenya ditched a promise to buy back a portion of a $2 billion Eurobond that is due to mature in June. —AFP
