Nairobi, Kenya – The International Monetary Fund (IMF) has approved a significant financial package for Kenya, totaling US$941 million. This move comes as a major support measure for the East African nation, which is currently facing economic challenges.

According to Africa News Agency, a substantial portion of the loan, amounting to $624.5 million, is available immediately under the Extended Credit Facility (ECF) and Extended Credit Facility (ECF) programs. Additionally, Kenya will receive $60.2 million through the Resilience and Sustainability Fund (RSF) arrangement. This approval increases the IMF’s total support to Kenya to over US$4.4 billion. The funds are primarily aimed at addressing Kenya’s pressing liquidity needs, especially ahead of the June maturity of a US$2 billion Eurobond, thus easing pressure on the country’s foreign currency reserves.

This decision by the IMF follows an agreement in principle that was reached with Kenyan officials in November 2023.