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The International Monetary Fund (IMF) has approved Sh78 billion in emergency financing to help Kenya respond to the economic shock caused by the novel coronavirus pandemic.
Kenya has 581 confirmed cases of the novel coronavirus and 26 deaths.
IMF executive board while approving the facility noted that Covid-19 has had adverse effects on the East African nation’s economy adversely shaking its tourism, transport, and trade components.
In a statement, the body said it plans to conduct an independent audit to ensure that the funds are put in proper use.
The authorities plan to conduct independent post-crisis auditing of COVID-19 related expenditures and publish the results.
“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.”