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IMF Clears $447 Million for Kenya to Address Debt, Reforms

  • Disbursement takes total to about $2.4 billion, fund says
  • Economy is resilient but downside risks predominate, it says
President William Ruto

President William Ruto

Photographer: Tony Karumba/AFP/Getty Images

The International Monetary Fund agreed to lend Kenya about $447 million to help shore up its finances and boost its dwindling reserves.

The money includes an augmentation of about $216 million and brings the cumulative disbursements to Kenya under existing arrangements to about $2.4 billion, the Washington-based lender said in a statement Monday after the executive board completed a review of its loan programs.