On March 12, 2018, the Executive Board of the International Monetary Fund approved Kenyan authorities’ request for a 6-month extension of the country’s Stand-By Arrangement to allow additional time to complete the outstanding reviews.
The reviews are expected to be completed by September 2018. Completion of the reviews will enable the Kenyan authorities to have access to funds available under the precautionary SBA.
The SBA was approved on March 14, for 24 months. The Board’s decision was taken without a formal Board discussion.
In support of this request, the authorities have committed to policies that will enable them to achieve the program objectives, including reducing the fiscal deficit and substantially modifying interest controls.