IMF Approves $739Mln in Funding for Kenya Amid COVID-19 Crisis

06 mai 2020 Printable Version

Washington - The international Monetary Fund (IMF) said in a statement on Wednesday that it has approved a $739 million funding for Kenya to help the country mitigate the financial stress caused by the measures imposed to combat the novel coronavirus (COVID-19) pandemic.

"The IMF approved the disbursement of US$739 million to be drawn under the Rapid Credit Facility (RCF) to support the authorities' response to the COVID-19," the statement said. “The pandemic has delivered a large economic shock to Kenya. The pandemic has impacted nearly all facets of the economy - particularly tourism, transport and trade - and led to urgent balance of payments and fiscal financing needs.”

Earlier this month, the IMF said it was providing some $100 billion as a short-term liquidity line to more than 100 countries requiring emergency financing due to hardship caused by the COVID-19 measures.

Africa alone is facing a budget shortfall of $44 billion because of the COVID-19 pandemic measures, the World Bank and IMF said in a joint statement on April 17.