Kenya to Receive Sh262 Billion Loan from IMF
Kenya is set to receive a loan of $2.4 billion (Sh262.68 billion) from the International Monetary Fund (IMF) to support the country’s second phase of COVID-19 response.
On Tuesday, IMF announced it reached an agreement with Kenya on a 38-month program, with disbursement expected to start in the coming weeks.
An IMF delegation under the leadership of Mary Goodman conducted virtual missions in the country in December 2020 and in February this year to undertake negotiations on the program.
“I am pleased to announce that the Kenyan authorities and the IMF mission team have reached agreement on economic and structural policies that would underpin a 38-month program under the EFF and ECF arrangements for about US$2.4 billion.”
“The program will support the next phase of the country’s COVID-19 response and the authorities’ plans for a strong multi-year effort to stabilize and begin reducing debt levels relative to GDP, laying the ground for durable and inclusive growth over the years to come,” said Goodman.
This is the second loan Kenya is receiving from the Washington-headquartered international lender since the outbreak of the COVID-19 pandemic early last year.
The country received Sh79.3 billion from IMF in May last year to help address the impact of the COVID-19 pandemic on the economy.
Kenya’s debt ceiling is expected to surpass the set Sh9 trillion mark even as the National Treasury struggles to prepare the budget for the fiscal year 2021/22 amid revenue constraints.
The Treasury is expected to seek a new debt limit of Sh12 trillion as per the proposed amendments to the Public Finance Management Regulation.
Comments
---"IMF mission team has…
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---"IMF mission team has reached an agreement(with Kenyan authorities) in economic and structural policies, for a loan,-----US$2.4 billion." Be wary Kenyans, very wary when you hear structural policies and structural programs coming from our "masters": IMF,WORLD BANK, DONOR NATIONS etc. The devil is in the details. Our useless leaders are mortgaging our country, once again, under the lies of covid-19! Wake up Kenyans!! GO TO LINDA KATIBA WEBSITE AND SIGN IN. We have a constitution and a country to safe. God bless us all and God bless Kenya.
In the year 2021 after 400…
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In the year 2021 after 400 years of slavery and a combined hundreds of years of colonialism in Africa, African countries should not be following the Master.
They must create their own path.
If our leaders are not able to read the writings on the wall, they will soon be overtaken by events.
Slavery is over. From here on, no one should be able to harvest where they have not planted and soon this will be in full display.
It's time for revelation and restoration.
This is not business as usual. In the name of Covid- 19, no more borrowing from the Master!!
@ Anonymous, I totally agree…
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In reply to In the year 2021 after 400… by Anonymous UI (not verified)
@ Anonymous, I totally agree with you. What have all these loans done to Africa? They are still infested with deceases, hunger, corruption, decay of cultural values,on,and on. No wonder Trump called them Shit-hole countries.
Since independence,what do africans have to show for this so called FREEDOM? We still bow to the masters so to speak.
Are we so incapable of creating wealth for our selves? We are running from the continent en masse,risking our lives to go the masters "home-shelter"...Look at all the resources africa has. The continent with the most resources of all kinds in the world-minerals,oil,animals, human beings, climate...etc.
About 35 years ago, China was pretty much a third world(shit-hole)Look at china now.They are lending,and loaning money even to USA.They sure learned how to fish very well.Why dont we let them show us how to fish,instead of giving us fish? Or we become hunters,as we used to be, and hunt our own game(wealth).
Yes we should cease from dependence on HANDOUTS.
@Maxiley, I agree with you…
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In reply to @ Anonymous, I totally agree… by Maxley (not verified)
@Maxiley, I agree with you except we should not be taught by the Chinese.
Chinese have succeeded as Chinese; Japanese have succeeded because they are Japanese. Germans because they have remained Germans. We have failed because we are busy being taught to be someone else other than who we are.
We will succeed only as Africans and not someone else. We must do it ourselves. Enough of us have to wake up and do it for self.!! May the God of Africans be with us all!!
@ Anonymous UI, the Chinese…
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In reply to @Maxiley, I agree with you… by Anonymous UI (not verified)
@ Anonymous UI, the Chinese analogy was pretty much afigure of speech.There proverb is the main part that I was interested in.All in all we agree.The future of africans is in their own hands.
Its strange how Uhuru and…
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Its strange how Uhuru and Raila have millions of shillings to bribe MCAs to pass BBI, yet the country is broke and loans must be taken-burdening Wanjiku in taxes.
To my opinion the government…
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To my opinion the government needs to start looking at ways to reduce its budget or find ways to increase funding. At the present time there is a lot of leakage of funds and that leakage needs to be plugged. Going back to the 7 provinces would reduce the budget drastically.
2021 Wakenya tuanze kutumia…
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2021 Wakenya tuanze kutumia lugha ya Kiswahili mahali popote, kwa kuandika na kusoma ikiwa ndio lugha ya Taifa na ya ofici. Tuachane na lugha ,kanisa, majina, tabia za wageni. Turudie Mungu wa Muafrika.
Tuanze kusomesha watoto wetu historia ya mababu zetu na masomo ya watu wetu, zio ya wageni.
Mungu awabariki Wakenya, waafrika na abariki Taifa let u.
Wageni wako na pesa; Waafrika wako na Mungu wao mbere!!!
Jambazi Uhuru & Co. thugs…
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Jambazi Uhuru & Co. thugs are “EATING” shs 2b daily.This translates they will have “SWALLOWED” the shs 262b in 131 days.As my rep in inclusivity,I am demanding shs 100000 from Kamau&Ngima’s son as my loot share divinded.I hope hizi “NYAMU CIA RUGURU” led by jinga gadede will demand their share from muchawi Raila also.
Aint no stopping borrower in…
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Aint no stopping borrower in chief from borrowing and stealing more and more. Sh.262b will be stolen in 131 days only as per his own admission. Hes no economist, zero. Solution is to cut big wigs salaries by half and reduce unnecessary spending.
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