IMF Approval of Kenya PRGF Credit Takes Effect

The International Monetary Fund's (IMF) Executive Board decided on August 4, 2000 that the approval of a three-year Poverty Reduction and Growth Facility (PRGF) arrangement in an amount equivalent to SDR 150 million (about US $198) million for Kenya became effective (see Press Release 00/45).

The decision by the IMF Executive Board was contingent upon discussion by the World Bank of Kenya's interim Poverty Reduction Strategy paper (PRSP) and a decision that the World Bank had concluded that the interim PRSP provided a sound basis for the development of a fully participatory PRSP and for concessional assistance by the World Bank.

Under the PRGF arrangement, the first annual loan to Kenya is equivalent to SDR 13.6 million (about US $18 million) and was available immediately upon the decision by the IMF Executive Board.