The international Monetary Fund (IMF) said in a statement on Wednesday that it has approved a $739 million funding for Kenya to help the country mitigate the financial stress caused by the measures imposed to combat the novel coronavirus (COVID-19) pandemic.
“The IMF approved the disbursement of US$739 million to be drawn under the Rapid Credit Facility (RCF) to support the authorities’ response to the COVID-19,” the statement said. “The pandemic has delivered a large economic shock to Kenya. The pandemic has impacted nearly all facets of the economy – particularly tourism, transport and trade – and led to urgent balance of payments and fiscal financing needs.”
Earlier this month, the IMF said it was providing some $100 billion as a short-term liquidity line to more than 100 countries requiring emergency financing due to hardship caused by the COVID-19 measures.
Africa alone is facing a budget shortfall of $44 billion because of the COVID-19 pandemic measures, the World Bank and IMF said in a joint statement on April 17.
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