The International Monetary Fund (IMF) has reached a staff agreement to advance Kenya a Sh28 billion loan as part of the $2.3 billion Special Drawing Right approved in April last year.

Kenya will have access to $244 million once the evaluation is completed, bringing the total IMF financial support under these procedures to almost $1.17 billion (Sh134.5 billion).

The money will be used to protect the country from the economic consequences of the Covid-19 outbreak.

Kenya, according to the lender, is on track fiscally, particularly in terms of debt management.

The country’s expensive external commercial debt has been gradually reduced in the 2022/23 budget, with the debt limit planned to be reduced to 55% of GDP.

The debt of the country now stands at Sh8.2 trillion, or 69.8% of GDP.