IMF gives kenya billions
IMF gives Kenya billions

The International Monetary Fund (IMF) has approved Sh78.4 billion ($739 million) emergency loan to help Kenya maintains the economy during the fight against the pandemic.

The IMF said it's ready to provide policy advice if needed.

According to Health Cabinet Secretary Mutahi Kagwe on Tuesday, Kenya has 582 Covid-19 cases.

Two key areas of Mombasa Old Town and Nairobi Eastleigh in its two cities having been put on lockdown to curb the spread of the novel coronavirus.

“The impact of COVID-19 on the Kenyan economy will be severe. It will act through both global and domestic channels, and downside risks remain large,” the IMF said in a statement.

“While the authorities have taken decisive action to respond to the pandemic’s health and economic impacts, the sudden shock has left Kenya with significant fiscal and external financing needs.”

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