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The IMF approved funding of $941mn to Kenya on Wednesday, of which $624.5mn was disbursed immediately. The disbursement under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programs will be topped by $60.2mn of funds under a Resilience and Sustainability Facility (RCF) arrangement, bringing the IMF’s total funding commitment to Kenya to more than $4.4bn. The funding approval follows a staff-level agreement reached by the IMF and Kenyan officials earlier in November. According to the statement released by the IMF, Kenya’s growth has remained resilient amid the challenges and the EFF/ECF and RCF arrangements will help sustain its macroeconomic stability. The funds are expected to help Kenya to pay its foreign debt obligations without depleting its foreign currency reserves.
Kenya’s bonds were weaker with its 6.875% 2024s trading at 97.1 cents on the dollar, currently yielding 14.2%.
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