IMF Executive Board Approves Extension of the Stand-By Arrangement and Stand-By Credit Facility for Kenya
The Executive Board of the International Monetary Fund (IMF) approved on January 27, 2016–without an Executive Board meeting–an-extension of both Kenya's Stand-By Arrangement (SBA) and Arrangement under the Standby Credit Facility (SCF) to March 15, 2016. This extension will provide time to the authorities to finalize fiscal measures for 2015/16 and implement structural measures under the program.
The 12-month SBA/SCF with a combined total access of SDR 488.52 million (about US$687 million) were approved by the IMF's Executive Board on February 2, 2015 (seePress Release No. 15/29). Following the conclusion of the first review in September 2015, amounts available under the arrangements reached SDR 434.24 million (about US$610.7 million) for the Kenyan authorities to draw on in the event that exogenous shocks lead to an actual balance of payments need. The authorities continue to treat both the arrangements as precautionary.