Economics
IMF, Kenya Reach Staff-Level Agreement on $2.4 Billion Loan
- Financing package to help support nation’s Covid-19 response
- Program’s consolidation effort centered on raising tax revenue
Photographer: Andrew Harrer/Bloomberg
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The International Monetary Fund reached a staff-level agreement with Kenya for a $2.4 billion loan that will partly support the country’s response to the coronavirus.
The three-year deal will also help Kenya begin to reduce its debt relative to gross domestic product, the lender said Monday in a statement. The program comes under the IMF’s Extended Fund Facility and Extended Credit Facility arrangements.