Kenya's Central Bank or Ministry of Finance announcement

IMF Reaches Staff-Level Agreement with Kenya, Urges Fiscal Consolidation

Jun 11, 2024, 07:00 AM

The International Monetary Fund (IMF) has reached a staff-level agreement with Kenya. This agreement covers the seventh review of the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, as well as the second review under the Resilience and Sustainability Facility (RSF). If approved, the agreement will include access to SDR90.46 million (approximately $120 million) under the RSF and total IMF financial commitments of SDR2.71 billion (approximately $3.60 billion). Additionally, the agreement aims to help unlock about $1.1 billion of funding and urges fiscal consolidation measures.