Kenya Has Secured A $600 Million Loan From China To Support The Budget

Kenya’s government has secured a $600 million loan from China to support the budget, the representative of the International Monetary Fund to Kenya said on Thursday.

“They expect the money in the next two weeks,” the IMF’s Armando Morales told Reuters, adding that government officials had informed him that the deal had been finalised. He did not give further details.

A senior Treasury official said in April that the loan would help fund the deficit for the year ending June 30. The deficit for 2015/16 is expected to be 7.9 percent of gross domestic product, down from the 8.7 percent originally forecast. Click here for more on this story.