Browsing: CBK Raises Base Lending Rate

• The International Monetary Fund (IMF) Executive Board has authorised a Sh55.1 billion (US$447.39 million) loan to Kenya
• Kenya has received a total of around $US1.655 billion (Sh203.84 billion) in payments under the EFF/ECF accords
• IMF stated that Kenya’s economy is solid and expects it to expand by 5.3% 

The International Monetary Fund (IMF) Executive Board has authorised a Sh55.1 billion (US$447.39 million) loan to Kenya for budgetary support.

This follows the fourth evaluation of the 38-month, $US2.34 billion (Sh288 billion) Extended Credit Facility (ECF) and Extended Fund Facility (EFF) agreements with Kenya.

Kenya has now received $US1.655 billion (Sh203.84 billion) in payments under the EFF/ECF accords.

The facility, approved in April 2021, was aimed at helping Kenya manage its debt risks, respond to the Covid-19 pandemic and other global shocks, improve governance, and implement more extensive economic reforms.

IMF confidence in Kenya’s economy

Despite a challenging global economy, the IMF …

The Kenyan economy’s leading indices of economic activity show ongoing solid growth in the second quarter of 2022, according to CBK, with strong activity in storage and transport, retail and wholesale trade, construction, information and communication, and lodging and food services.

“Despite decreased agricultural performance and sluggish global growth, the economy is anticipated to remain resilient throughout the balance of 2022,” CBK added.

Goods exports have been strong, increasing by 11.0 per cent in the year to August 2022 compared to the same time in 2021.…