The International Monetary Fund (IMF) will release Ksh48 billion to Kenya after its delegates to the country and the government reached an agreement over economic policies and regulations issued by the lender following approval of the loan in April 2021.
Mary Goodman, who led the IMF team to Kenya, on May 17, in a statement, noted that the country's had met all the required conditions to warrant the $410 million package.
“IMF staff commend the authorities’ decisive policy actions to contain the Covid-19 outbreak. Their actions helped to cushion the blow to the economy and maintained the momentum necessary to advance their economic reform agenda.
"With the easing of the third wave of Covid-19 infections compared to high levels seen into April, containment measures have been lifted.
"The authorities have also launched a Covid-19 vaccination program, and the IMF program is designed to support Kenya’s efforts to accelerate and expand vaccinations," the statement read in part.
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This comes after the international lender vowed to support the country in its long-term economic revitalisation plan.
Goodman's team noted that Kenya had taken the necessary measures to curb revenue leaks in the government, and stepped up the fight against corruption.
IMF pledged to help the country traverse the economic turmoil brought forth by the Covid-19 pandemic.
"Noteworthy is that the authorities continue to push forward with their agenda to increase transparency and fight corruption, they will shortly publish an audit of all COVID-related expenditures in Financial Year 2019/2020.
"The authorities’ plan to adopt a common payroll system at the national and county level should help contain spending growth and limit the scope for corruption," the statement reads.
In April, IMF approved a Ksh255 billion loan to Kenya.
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