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President Uhuru appeals for more IMF support

07 January 2014, 12:05

Mombasa - President Uhuru Kenyatta has asked the International Monetary Fund (IMF) for a facility that would enable the country effectively deal with potential shocks.

He made the appeal for an insurance-type facility while speaking at state house Mombasa where he had dinner with the IMF Managing Director, Christine Lagarde.

She is on a three-day visit to the country to underline the IMF’s strong partnership with Kenya.

“Kenya has exhausted the concessional window under the Poverty Reduction and Growth Trust,” said the President.

He went on to say that his government was looking for an arrangement that could blend the funds with General Resources Account to increase available resource to build an effective buffer.

The President had expressed optimism over continued partnership with the IMF saying that the country had made good progress to deserve IMF’s support.

The IMF provided financial support to Kenya through the Extended Credit Facility to deal with adverse shocks with the IMF’s Executive Board giving its seal of approval for the successful completion of the programme last month.

Lagarde had in an earlier function cautioned Kenya against complacency saying that achievements needed to be deepened and broadened, so the economy could be made more resilient and the benefits of growth widely shared among all the Kenyan people.

Lagarde, who termed Kenya as one of the most dynamic economies in the region, was on Tuesday morning scheduled to hold talks with the Speaker of Parliament other committees of the national assembly.

– CAJ News


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