IMF to release nearly 10bn shillings to Kenya

Star/allAfrica

THE International Monetary Fund is this month expected to release close to Sh9.4 billion ($110 milion) to the government as the final tranche of a three year loan programme agreed on in January 2011.

“IMF executive board consideration of the fourth programme review under the ECF (extended credit facility) arrangement is tentatively scheduled for October 2012,” a statement released by the fund late last month said. “Upon approval the IMF would disburse the fourth tranche of the loan for an amount of about Sh9.35 billion ($110 million), bringing total disbursement under the arrangement to SDR 344.67 million (about $535 million).”

The executive board originally approved Kenya’s three-year ECF arrangement in January 2011 in an amount equivalent to Sh42.9 billion (about $505 million), and in December 2011 approved an increase in access to an amount equivalent to close Sh62.2 billion.

An IMF mission visited Nairobi from September 12-25, 2012 to carry out the fourth review under the three-year ECF arrangement and expressed satisfaction with most of the achievements by the government.

The members of the mission met with Finance Minister Robinson Githae, Central Bank governor Professor Njuguna Ndung’u and other senior government officials as well as representatives of the private sector, civil society and development partners. “Looking ahead, economic prospects for 2012 and 2013 remain favorable,” a statement from IMF at the end of the visit said.  allAfrica

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