News Briefs

Kenya and the IMF

The IMF's Poverty Reduction and Growth Facility (PRGF) -- A Factsheet

News Brief No. 00/68
August 7, 2000
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

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.


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