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Mixed bag as Kenya races to implement Sh288 billion IMF plans
Treasury Cabinet secretary Njuguna Ndung’u (centre) with Economic Planning PS James Muhati (right) and his Treasury counterpart Dr Chris Kiptoo in Nairobi on December 6. PHOTO | DIANA NGILA | NMG
In April 2021, the International Monetary Fund (IMF) announced that it would advance Kenya Sh287.8 billion for budgetary support, a loan that sparked a public outrage that caught the attention of Washington, where the lender is headquartered.
To access the funds in batches, Kenya made several commitments among them to reduce its debt vulnerabilities by ramping up revenues, cutting wasteful spending, deal with mismanagement and corruption as part of the 38-month arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF).
