IMF approves Ksh78.3b loan for Kenya amid Coronavirus pandemic

IMF approves Ksh78.3b loan for Kenya

IMF approve's Ksh78.3b loan for Kenya

The International Monetary Fund (IMF) has approved a Ksh78.3 billion loan for Kenya.

Reports state that the loan is meant to help Kenya fight the economic impact of coronavirus.

The money will also help pay for the balance of payments deficit.

In a statement seen by Pulselive.co.ke, IMF noted that Covid-19 pandemic is taking a toll on the Kenyan economy, significantly reducing growth, creating fiscal and external financing needs.

Economy to suffer

According to the IMF, the impact of COVID-19 on the Kenyan economy will be severe.

"While the authorities have taken decisive action to respond to the pandemic’s health and economic impacts, the sudden shock has left Kenya with significant fiscal and external financing needs," the statement read in part.

It continued: "Authorities have committed to resume their fiscal consolidation plans once the crisis abates to reduce debt vulnerabilities."

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Ruto appoints 49-member team to review CBC

Ruto appoints 49-member team to review CBC

Kakamega health officials probe suspected Ebola case

Kakamega health officials probe suspected Ebola case

Sakaja's plan to retain military after NMS hands back transferred functions

Sakaja's plan to retain military after NMS hands back transferred functions

NPSC appoints acting DCI boss

NPSC appoints acting DCI boss

Ahmednasir criticises how CJ Koome received Ruto in Parliament

Ahmednasir criticises how CJ Koome received Ruto in Parliament

Why Ruto has slashed Sh300 billion from 2022/23 budget

Why Ruto has slashed Sh300 billion from 2022/23 budget

2 Sugoi women stranded for weeks after attending Ruto's inauguration

2 Sugoi women stranded for weeks after attending Ruto's inauguration

7 key changes Ruto has made in his Cabinet

7 key changes Ruto has made in his Cabinet

Breakdown of ODM's Sh10 billion assets

Breakdown of ODM's Sh10 billion assets