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IMF approves Sh252.2b in new financing arrangements for Kenya

By Reuters | Apr. 3, 2021

***Planning CS Ukur Yattani (PHOTO: FILE)***

The International Monetary Fund on Friday said its board had approved new three-year financing arrangements for Kenya valued at $2.34 billion to help the African country continue responding to the COVID-19 pandemic and address its debt vulnerabilities.

Approval of the new loans under the Fund’s Extended Credit Facility and Extended Fund Facility will enable immediate disbursement of about $307.5 million that Kenya can use for budget support, adding to $739 million it received in emergency COVID-19 aid in May 2020, the Fund said in a statement.

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