The loan is part of the $2.34bn Special Drawing Right (SDR) approved in April 2021 on the condition that Kenya keeps in check its expenditure and huge debt, which is currently in excess of KSh8.2tn ($70.7bn), equivalent to 70% of GDP.
“Upon completion of the Executive Board review, Kenya would have access to SDR179.13m (equivalent to about $244m),” IMF Mission Chief to Kenya Mary Goodman said in a statement.
The $244m loans, which according to the IMF now bring the total amount loaned under the program so far to about KSh135bn ($1.17bn), are meant to help the country weather rough economic terrain. The last tranche, which was issued in May 2021, was $410m.
However, given Kenya’s limited fiscal space, the loan is dependent on tough measures to keep the country’s expenditure under control.
Part of the conditions of the IMF loan is that the government is required to limit its
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