, WASHINGTON, Apr 18 – The International Monetary Fund on Tuesday approved a $111 million loan for Kenya, praising the country’s efforts to reform its economy.
“Kenya’s economic reform program has started to yield results, as the authorities have taken decisive measures to address inflationary and external balance pressures,” the IMF said in a statement.
The IMF has now loaned Kenya $421 million, under a 2011 deal which is likely to see the country receive $754 million.
Kenyans have in recent years struggled with high fuel and food prices, which have hurt growth.
Although much of the country lives in poverty, Kenya’s economy is expected to chug along at a moderate, but unspectacular, four percent growth rate this year.