Kenya secures $600 mln Chinese loan to support budget -IMF envoy
26 May 2016, 18:26
Nairobi (Reuters) - Kenya's government has secured a
$600 million loan from China to support the budget, the
representative of the International Monetary Fund to Kenya said
"They expect the money in the next two weeks," the IMF's
Armando Morales told Reuters, adding that government officials
had informed him that the deal had been finalised. He did not
give further details.
A senior Treasury official said in April that the loan would
help fund the deficit for the year ending June 30. The deficit
for 2015/16 is expected to be 7.9 percent of gross domestic
product, down from the 8.7 percent originally forecast.