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IMF, Kenya agree staff-level deal on 3-yr, $2.4 bln financing package

·1 min read

NAIROBI, Feb 15 (Reuters) - The International Monetary Fundand Kenya have reached a staff-level agreement on a three-year,$2.4 billion financing package for the East African economy, theFund said on Monday.

It said the funding will be under its Extended Fund Facility(EFF) and Extended Credit Facility (ECF) arrangements and willbe subject to its management approval and Executive Boardconsideration in the coming weeks.

"The program will support the next phase of the country’sCOVID-19 response and the authorities’ plans for a strongmulti-year effort to stabilise and begin reducing debt levelsrelative to GDP," it said in a statement.(Reporting by George Obulutsa; Editing by Hugh Lawson)