Kenya receives 56.8M USD PRGF facility from IMF
By Kennedy Osir
Nairobi, April 13 (NNN-KBC) Kenya has received from the International Monetary Fund (IMF) a disbursement of approximately 3.9 billion shillings under the Poverty Reduction and Growth Facility (PRGF) arrangement.
Approval of the disbursemen followed the completion of the second review of Kenya's economic performance under the three-year PRGF arrangement.
The release of the 56.8 million USD by the IMF Executive Board brings the total disbursements under the arrangement to 170.4 million USD, equivalent to about 11.7 billion shillings.
The IMF resident representative in Kenya, Scott Rogers, said Thursday the board had also approved a request for an extension of the arrangement to Nov 20 this year.
He said that consistent with the improvement of Kenya's external position, the board also approved request for a reduction in access by 7.7 billion shillings.
Factors taken into consideration by the IMF in approving the latest disbursement include completion of the asset declaration of ministers, permanent secretaries and heads of state bodies.