Kenya-IMF Program


The Board of the International Monetary Fund (IMF) on April 2 2021 approved a US $ 2.34 billion Extended Fund Facility (EFF)/ Extended Credit Facility (ECF) arrangement program for Kenya. The program was designed to support resurgence of growth in the Kenyan economy after COVID-19 related shock and reduce debt vulnerabilities through a multiyear fiscal consolidation pegged on raising revenues while controlling expenditure with safeguards to cushion vulnerable groups and address weaknesses in State Owned Enterprises. The program was extended July include a 20-month Resilience and Sustainability Facility (RSF) arrangement.

The program has successfully gone through six reviews, that latest being the sixth review of the EFF/ECF and the first review under the RSF which were approved by the IMF Executive Board on 17th January, 2024.

The Executive Board’s approval allowed for the immediate release of SDR469.25 million (about US$624.5 million) under the EFF/ECF arrangements – which includes an augmentation of access of SDR233.40 million (about US$310.6 million) – and brings total disbursements under the EFF/ECF arrangements to SDR1,978.23 million (about US$2.6 billion). The decision also allows for an immediate disbursement of SDR45.23 million (about US$60.2 million) under the RSF arrangement.

The success and the approval of the sixth review, demonstrates Kenya’s commitment to the program and affirms the confidence the IMF has on Kenyan economic policies and the reforms that we have set out in the program.

For more information on the IMF program, you can see the Cabinet Secretary’s press release of 18th January, 2024 and the IMF staff press release of January 18, 2024 as well as other relevant information in the links below;

Cabinet Secretary Press Release

IMF Sixth Review and press release

IMF fifth Review and Press releases

IMF Fourth Review report and Press releases

IMF Staff press release after third review

Cabinet Secretary’s Press Statement of June 23, 2021

First Review Report of the ECF/EFF Program

Board Approval Press release

Program document

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