Meeting with International Monetary Fund (IMF)

Ambassador Lazarus Amayo held a virtual meeting with Mr. Dumisani Mahlinza, Executive Director for Africa Group I, International Monetary Fund (IMF) on September 1, 2020 during which they acknowledged the good working relationship between Kenya and the Fund. He thanked the IMF for approving the disbursement of SDR 542.8 million (about $739 million) to Kenya to be drawn under the Rapid Credit Facility which would assist the country to meet its urgent balance of payments, following the impact of the COVID-19. Kenya’s economic growth remained strong and resilient prior to the COVID-19 outbreak, and still remains robust amid the pandemic challenges in 2020, with the economy expected to improve by 2.6% in 2020 and grow to 5.3% in 2021.

Kenya’s strong economy was appreciated by Mr. Mahlinza, notwithstanding the coronavirus pandemic, had kept key macroeconomic aggregates in check, pointing out that the challenge for the country remains translating the growth of the economy into reasonable yields of revenue to meet Kenya’s obligations and emphasized the importance of debt sustainability.