Wednesday, 4 February 2015

IMF offers Kenya $700m insurance loan

IMF Managing Director Christine Lagarde shaking hands with Kenyan president Uhuru Kenyatta. 4 January 2014                                                            IMF chief Christine Lagarde was in Kenya last year and met President Uhuru Kenyatta
The International Monetary Fund has agreed to make loans of around $700m (£460m) available to Kenya. The money will be used as an insurance policy to protect against any threats to the country's economy, considered a financial powerhouse in East Africa.
 
The Kenyan government requested the package as a precautionary measure, in case of an emergency such as a natural disaster or militant attack. The funds will be available for the next 12 months. Wildlife, such as this dazzle of zebras, are among Kenya's top tourist attractions The ministry of finance has told the IMF it doesn't intend to use the funds. Instead it will act as security against "economic shocks", the IMF said

No comments: