19.9 C
Nairobi
Friday, December 6, 2024
Home News Updates More Worry For Kenyans Citizens As Government Receive Another Loan From IMF

More Worry For Kenyans Citizens As Government Receive Another Loan From IMF

The International Monetary Fund approved a disbursement of Sh29billion for Kenya despite debt currently at Sh7.7 trillion.

The delivery of IMF funds brings total disbursements to Sh109billion out of a total Sh259billion available under the country’s program approved in April, the IMF said in a statement released on Friday.

“Kenyan authorities have kept up a strong commitment to their reform agenda in a challenging environment and are acting to cut debt vulnerabilities while supporting the economic recovery,” the IMF said.

Officials have maintained careful control of government spending to limit the deficit and are taking steps to reform state-owned enterprises to limit pressure on the budget while protecting social programs, the fund said.

The fund estimated that Kenya’s economy will grow 5.9% this year.

“The nation’s Covid-19 vaccination program has picked up speed, though uncertainty and pandemic-related pressures will persist until vaccinations become widely available, and the political calendar is a source of uncertainty,” the IMF said.

“Kenya’s medium-term prospects remain positive, and the authorities’ continued commitment to their economic program is essential to maintain macroeconomic balance, while ensuring a more sustainable, greener, and inclusive growth,” IMF Deputy Managing Director Antoinette Sayeh said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Ruto Announces Six-Day National Dialogue Over Issues Affecting Kenyans

President William Ruto on Tuesday announced a six-day multi-sectoral dialogue forum beginning Monday, July 15, to discuss issues pressing Kenyans. Ruto told journalists at the...

How Trump Lost The Winnable trial In Court

The two HUGE mistakes Donald's lawyers made in his hush money case as his 'deny everything, attack everyone' strategy backfires Donald Trump squandered a 'winnable...

Recent Comments