The International Monetary Fund will expand its financing to Kenya by $938 million to bolster the East African nation’s reserves before a eurobond repayment is due in June.
The funding, which still requires IMF board approval, will result in the Washington-based lender granting Kenya immediate access to around $682 million, the fund said in a statement Thursday.
“The authorities’ strong reform program aims to enhance the policy framework substantially and restore confidence to ensure access to the global bond market,” said Haimanot Teferra, who led the IMF team in Kenya.
(Corrects headline to insert ‘million’)
