Kenya seeks assistance from the International Monetary Fund for the second time this year
Kenya’s Business Daily reported that in less than six months, Kenya sought budget support from the International Monetary Fund (IMF)
for the second time in order to get rid of the economic difficulties caused by coronavirus pandemic.
Tobias Rasmussen, the representative of the International Monetary Fund in Kenya, said that after Kenya received
US$739 million in May, the Kenyan government has applied for another loan. Help them deal with the impact of the pandemic.
Due to falling incomes and high debt, the country’s cash flow has deteriorated sharply.
The tax performance in July and August of this year was poor, lower than expected 40 billion shillings about 367 million dollars.
It is reported that what Kenya seeks from the International Monetary Fund is a fast payment credit mechanism.
Funds flow directly into the budget to supplement public funds, and the government decides how to use it.