Kenya expects at least $1.2 billion in financing inflows between April and May and is in talks for new funding from the International Monetary Fund (IMF) to support falling foreign exchange reserves, its central bank governor said on Wednesday.
Like much of Africa, Kenya has been hit hard by the economic fallout from the COVID-19 pandemic, the war in Ukraine and global monetary policy tightening.
However, it expects $250 million from syndicated loans this month and a $1 billion budgetary support loan from the World Bank in May, Njoroge said.external reserves Njoroge said Kenya is also seeking a new loan under the Fund's Resilience and Sustainability Trust to help countries ensure sustainable growth.RST funds are capped at 150% of a country's IMF quota.A staff mission, meanwhile, will travel to Nairobi in early May to continue discussing an RST loan and for the fifth review of a $2.4 billion programme agreed in 2021, with the possibility of negotiating extra financing after the IMF temporarily expanded access limits.
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