IMF gives Kenya Sh67.5 billion loan to tame shilling's free fall

Treasury CS Henry Rotich reads the budget at Parliament last week. Central Bank is counting on the foreign exchange reserves and a precautionary facility to stem shilling's volatility. [PHOTO:Photo Tabitha Otwori/STANDARD]

The volatile shilling has got a major boost after Treasury said that it had secured Sh67.5 billion precautionary loan from the International Monetary Fund (IMF) to cushion it against shocks.

National Treasury Cabinet Secretary Henry Rotich said the Government had secured a precautionary Stand-by Arrangement and a Stand-by Credit arrangement with the IMF for Special drawing rights (SDR) of 488.52 million or $688.3 million.