Kenya is has approached the International Monetary Fund (IMF) and the World Bank seeking Sh122.5 billion ($1.15 billion) in emergency funding to support the slowing economy in the midst of the coronavirus crisis.
Central Bank of Kenya (CBK) Governor Patrick Njoroge on Tuesday said they were expecting Sh85.2 billion ($800 million) from the World Bank and Sh37.3 billion ($350 million) from the IMF by end of April.
“We are working with IMF for an emergency assistance that does not have the conditionalities of other programmes. A lot of this will be directed to budgetary support,” an optimistic Dr Njoroge said, adding that the country would continue to seekk more support from the World Bank.
Kenya has so far confirmed 25 cases of Covid-19, with the disease hurting tourism and farm exports, especially flowers to the European markets, Dr Njoroge had warned that the country was facing an economic crisis.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]