Kenya says IMF $989.8m stand-by deal over
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Kenya’s stand-by arrangement with the International Monetary Fund (IMF) has expired, Finance Minister Henry Rotich said on Thursday.
Kenya’s stand-by arrangement with the International Monetary Fund (IMF) has expired, Finance Minister Henry Rotich said on Thursday.
Rotich told reporters in Nairobi, when asked about the IMF stand-by arrangement, that the stand-by arrangement would expire in mid-September.
Kenya had secured a six-month extension for its stand-by credit arrangement of 989.8 million dollars from IMF in March, which was due to expire in mid-September.
“Yes, the programme has ended. We will continue engaging the fund going forward,” Rotich said.
The Finance Ministry’s Principal Secretary, Kamau Thugge, had said earlier on Thursday that not having an IMF precautionary arrangement would not hurt the economy.
Thugge said Kenya had not drawn on the precautionary arrangement last year despite a drought.
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