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{
    "id": 1254145,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1254145/?format=api",
    "text_counter": 96,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary, National Treasury and Economic Planning",
    "speaker": null,
    "content": "Kenya has continued to successfully implement the Extended Fund Facility and the Extended Credit Facility (EFF/ECF) arrangements supported by the IMF. We concluded the 5th review of the programme in May 2023. We agreed on an augmentation of access under the programme of 75 per cent of quota Special Drawing Rights (SDR) 407.1 million which is about US$ 544.3 million; an extension of the duration of the EFF/ECF arrangements by 10 months to April 2025 to allow sufficient time for meeting the programme objectives; and on a new 20- month Resilience and Sustainability Facility (RSF) arrangement with access of 75 per cent of quota that will run parallel with the EFF/ECF arrangements until April 2025. Once approved by the IMF Executive Board in July 2023, Kenya will immediately access SDR 306.7 million which is about US$ 410 million, including from the augmentation of access under the ECF/EFF. This will bring the cumulative IMF financial support disbursed under the EFF and ECF arrangements to SDR 1,509 million which is about US$ 2,017 million. That is why we appreciate this multilateral institution. The Government will also access an additional SDR 407.1 million which is about US$ 544.3 million under the new 20-month RSF arrangement upon successful next review. When combined with the RSF support, the cumulative IMF commitment to Kenya will amount to SDR 2.633 billion which is about US$3.52 billion by April 2025. Hon. Speaker, as a stop gap measure to ease pressure on the domestic supply of petroleum products as well as ease pressure on the Kenya Shilling arising due to the global shortage of US dollar in the domestic market, we have introduced an innovative new Government-to-Government arrangement for fuel importation through Legal Notice No.3 of The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}