Kenya can now heave a sigh of relief after the IMF gave it a satisfactory rating in the first review of the country?s three-year loan program. IMF Managing Director Rodrigo Rato observed that Nairobi made headway in improving the fiscal condition of the country, saying that "a rebound in economic growth has begun, the recent sharp increase in domestic debt has been arrested, and implementation of key structural reforms is underway." Following the review, the IMF ordered the discharge of $76.9 million, which means that the government has taken home a total of $115 million under the credit arrangement. Rato reminded Kenya that "enhanced donor support", will hinge on the latter?s ability to curb poverty, cut spending, check inflation, and upgrade the delivery of social service.
Source: IMF approves $76.9 mln loan disbursement to Kenya (Reuters)
