Kenya has reached an agreement with the International Monetary Fund (IMF) under Article IV, allowing the country to access $934 million through an extended credit facility.
In a statement released today, the IMF stated that Kenya's total loans reached approximately $2.6 billion, with authorities able to access about $60.2 million.
The statement noted that Kenya's economy remains resilient amid challenging global conditions, despite recovering from the aftermath of the COVID-19 pandemic and the worst multi-year drought in the past two years.
The statement highlighted Kenya's economic growth of 5.6% on an annual basis in the first nine months of the previous year, driven by a robust agricultural sector that also helped reduce overall inflation, both general and food. However, non-agricultural growth slowed amidst stricter policies.
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