Home / Kenya News / Shilling weakens to the dollar as Kenya says IMF stand-by deal over

Shilling weakens to the dollar as Kenya says IMF stand-by deal over

Kenya’s stand-by arrangement with the International Monetary Fund has expired, Finance Minister Henry Rotich said on Thursday but the country will continue to talk to the Fund.

Kenya had secured a six-month extension for its stand-by credit arrangement of $ 989.8 million from the International Monetary Fund in March, which was due to expire in mid-September.

“Yes, the program has ended,” Rotich told reporters, when asked about the IMF stand-by arrangement. “We will continue engaging the fund going forward,” he added.

The Finance Ministry’s Principal Secretary Kamau Thugge had said earlier on Thursday that not having an IMF precautionary arrangement would not hurt the economy.

Kenya had not drawn on the precautionary arrangement last year despite a drought, Thugge said. 

The shilling opened Thursday trade with an exchange of Sh100.9 to the dollar but had risen to Sh101.1 by 1pm Kenyan time.

All News | The Star, Kenya

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