World Economy

IMF, Kenya Reach Deal

IMF, Kenya Reach DealIMF, Kenya Reach Deal

The International Monetary Fund (IMF) has reached a preliminary agreement with Kenya for a standby credit line of about $750 million to help insulate against possible market shocks, the IMF’s country representative said. About 70% of the funds will be provided on non-concessional terms, Armando Morales said in an interview Thursday in the capital, Nairobi. The country will be able to tap the “precautionary” loan, which has to be approved by the IMF board in January, to buttress the economy, according to an e-mailed statement from the Washington-based lender yesterday. Kenya received the final installment of a three-year, $750m loan from the IMF in December 2013.