Browsing: IMF loans

• 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 …

Tunisia anticipates striking an agreement with the International Monetary Fund on a credit of between US$2 billion and US$4 billion over three years in the following weeks, according to the central bank governor on Sunday.

“The magnitude is still being negotiated, but I believe it will range betweenUS$2 billion and US$4 billion,” Marouan Abbasi told Reuters. “We aim to achieve a staff level agreement in the next weeks.”

Last week, the authorities and the influential UGTT union agreed to raise public sector salaries by 5%, potentially easing social tensions. They did not, however, declare any additional agreement on reforms required for an IMF bailout.

• Tunisia anticipates striking an agreement with the International Monetary Fund on a credit of between US$2 billion and US$4 billion over three years in the following weeks
• The pay deal, according to Abbasi, is a critical step in discussions with the IMF and will provide

The International Monetary Fund (IMF) executive board approved $4.3 billion requests for emergency financial from South Africa to address the challenging health situation and severe economic impact of the COVID-19 shock.

The funds are under the Rapid Financing Instrument (RFI) which aims at meeting the urgent balance of payment (BOP) needs stemming from COVID-19 pandemic outbreak, limit regional spillovers and catalyze additional financing from other international financial institutions.

The outbreak of the pandemic has led to a sharp economic contraction and significant financing need in South Africa.

Over the last decade, economic activity in the country has weakened despite government spending, this has resulted in increased poverty, unemployment and income inequality.

“South Africa’s economy has been severely hit by the COVID-19 crisis, reporting the highest number of cases in sub-Saharan Africa. A deep economic recession is unfolding as the decline in domestic activity and disruptions in the global supply chain …

The East African coronavirus (COVID-19) battle has been fortified with $1.23 billion from the International Monetary Fund (IMF).

Both Kenya and Uganda have so far confirmed more than 600 cases of the virus.

COVID-19 Funding in Kenya

According to the IMF statement, on Wednesday the IMF Executive Board approved the disbursement of SDR542.8 million (100 per cent of quota, about US$739 million) to be drawn under the Rapid Credit Facility (RCF).

“This will help to meet Kenya’s urgent balance of payments need stemming from the outbreak of the COVID-19 pandemic,” The statement read in part.

The impact of COVID-19 on the Kenyan economy will be severe. It will act through both global and domestic channels, and downside risks remain large.

The Kenyan 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. Authorities …