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IMF approves financing package for Kenya s Covid-19 response
By IANS |
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Africa s confirmed Covid-19 cases close to 1.76mn. Image Source: IANS News
Nairobi, April 5 : The International Monetary Fund (IMF) has approved a 254.41 billion shillings (about $2.34 billion) financing package to help the Kenyan government in its response to Covid-19.
The IMF said the funds will also help Kenya in its plan to address the urgent need to reduce debt vulnerabilities while safeguarding resources to protect vulnerable groups, the Xinhua news agency reported. The authorities should continue to provide necessary support to the economy and secure space for social and development spending even as they have appropriately reversed some extraordinary measures, including the temporary tax cuts which ended in January 2021, Antoinette Sayeh, IMF Deputy Managing Director, said in a statement issued on Friday evening.