The International Monetary Fund has increased support for low-income countries such as Kenya to expand access to financial assistance. As part of the deal, the countries will access concessional loans at zero interest rates. IMF approved this support as they noted fund lending to LICs increased dramatically in 2020, an eightfold increase from average lending levels in 2017–2019. To support concessional financing to LICs through the PRGT, grant resources will to cover the costs associated with providing zero-interest lending. The IMF committed a $2.34 billion (Sh256 billion) facility to assist Kenya fight the economic effects of the Covid-19 pandemic

Source: The Star July 29, 2021 00:56 UTC