International Monetary Fund approves Kenya’s Sh150 billion emergency loan

NAIROBI, KENYA: The International Monetary Fund (IMF) has approved two-year standby facilities for Kenya worth about Sh150 billion ($1.5 billion), which can be drawn on if the East African nation faces unforeseen shocks.

"The Kenyan authorities have indicated that they will continue to treat both arrangements as precautionary," the IMF said in a statement issued late on Monday after the completion of discussions with Kenya on replacing existing facilities.