(Washington) The International Monetary Fund announced on Friday that it had reached an agreement after the second review of the aid program granted to Kenya in April 2021, which is expected to result in a disbursement of $ 264 million to the country.
“The authorities have remained firmly committed to their economic program in this complex environment,” IMF team chief Mary Goodman said in a statement, adding that Kenya had even “exceeded its budget target” for the year. .
The Board of Directors has yet to approve this disbursement of 185 million SDRs (Special Drawing Rights), corresponding to 264 million dollars.
This would bring the total funds disbursed this year to the African country to $ 984 million. The IMF approved on April 2, 2021 an aid program amounting to $ 2.34 billion and lasting 38 months, under the Extended Credit Facility (ECF) and the Facility. extended funding (FEP).
The institution hailed Kenya’s continuing economic rebound and noted that tax revenues have increased, but noted challenges that persist, including the threat from the COVID-19 pandemic and the need to protect vulnerable populations. .
“Reducing debt vulnerabilities requires a strong and continued commitment to the multi-year fiscal consolidation effort,” said Mary Goodman, noting that with the approach of elections next year, “the political calendar is also a source of uncertainty ”.
The fund forecasts a growth of the gross domestic product (GDP) of 5.6% for 2021, after a slight contraction in 2020.