Kenya-IMF Program

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) arrangements 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 in July 2023 to include a 20-month Resilience and Sustainability Facility (RSF) arrangement.

The program has successfully gone through eight reviews, the latest being the combined seventh and eighth reviews of the EFF/ECF and the second review under the RSF which were approved by the IMF Executive Board on 30^th October, 2024.

The approval of the Seventh and Eighth Reviews triggered an immediate disbursements of SDR365.28 million (about US$485.8 million) under the EFF/ECF arrangements and SDR90.47 million (about US$120.3 million) under the RSF arrangement.

The detailed Program documents for the combined Seventh and Eighth Review, can be accessed through the link below;

Kenya: Seventh and Eighth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements, Requests for Reduction of Access, Augmentation and Rephasing of Access Under the Arrangements, Modifications of Performance Criteria, Waiver of Nonobservance of Performance Criteria, and Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Kenya

The Program documents for Sixth and previous reviews and other communications and other relevant information can be accessed through the links provided below:

 

IMF Staff press release after seventh review of the EFF/ECF and Second review under the RSF

https://www.imf.org/en/News/Articles/2024/06/10/pr-24213-kenya-agreement-on-7th-reviews-of-eff-and-ecf-arrangements-and-2nd-review-under-rsf

Cabinet Secretary Press Release

https://twitter.com/KeTreasury/status/1747976595376165204

IMF Sixth Review and press release

https://www.imf.org/en/Publications/CR/Issues/2024/01/17/Kenya-2023-Article-IV-Consultation-Sixth-Reviews-Under-the-Extended-Fund-Facility-and-543889

IMF fifth Review and Press releases

https://www.imf.org/en/Publications/CR/Issues/2023/07/19/Kenya-Fifth-Reviews-Under-the-Extended-Fund-Facility-and-Extended-Credit-Facility-536772

IMF Fourth Review report and Press releases

https://www.imf.org/-/media/Files/Publications/CR/2022/English/1KENEA2022003.ashx

IMF Staff press release after third review
https://www.imf.org/en/News/Articles/2022/04/25/pr22132-imf-reaches-staff-level-agreement-on-third-review-of-fund-and-credit-facility-for-kenya

Cabinet Secretary’s Press Statement of June 23, 2021

https://www.treasury.go.ke/wp-content/uploads/2021/06/Press-Statement-23rd-June-2021-Kenyas-Progress-on-IMF-Supported-Reforms.pdf

First Review Report of the ECF/EFF Program

https://www.imf.org/en/Publications/CR/Issues/2021/06/25/Kenya-First-Reviews-of-the-Extended-Arrangement-Under-the-Extended-Fund-Facility-and-an-461274

Board Approval Press release

https://www.imf.org/en/News/Articles/2021/04/02/pr2198-kenya-imf-executive-board-approves-us-billion-ecf-and-eff-arrangements

Program document

https://www.imf.org/en/Publications/CR/Issues/2021/04/06/Kenya-Requests-for-an-Extended-Arrangement-Under-the-Extended-Fund-Facility-and-an-50339