IMF's KES 9.3b shilling bailout
25 October 2012, 14:51
Nairobi - Kenya’s forex reserves have got a fresh boost after the International Monetary Fund approved a further KES 9.3 billion ($110.5 million) loan to Kenya.
The loan is part of the ongoing three year Extended Credit Facility (ECF) negotiated to shore up the shilling, the Daily Nation reports.
The executive board of the international lender said on Thursday morning that the money will be disbursed immediately, bringing the total disbursement so far to KES 45billion under the program that will see Kenya receive KES 63billion ($750.6 million) in total.
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