March 14, 2018 / 2:20 AM / 10 days ago

IMF approves Kenya's request to extend stand-by agreement by 6 months

NAIROBI, March 14 (Reuters) - The International Monetary Fund has approved a request by Kenya to extend its stand-by agreement, that was due to expire at the end of March, by six months to give it time to finish reviews, IMF said in a statement.

The stand-by agreement, which was approved in March 2016, was for about $989.8 million, alongside a stand-by credit facility of about $494.9 million.

“On March 12, 2018, the Executive Board of the International Monetary Fund approved Kenyan authorities’ request for a six-month extension of the country’s Stand-By Arrangement to allow additional time to complete the outstanding reviews,” it said in a statement late on Tuesday. (Reporting by George Obulutsa; Editing by Himani Sarkar)

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