NAIROBI: The International Monetary Fund and Kenya have reached a staff-level agreement on Kenya’s economic programmes, the fund said on Tuesday.

The agreement includes the latest review of Extended Fund Facility and Extended Credit Facility arrangements and a new arrangement under the fund’s Resilience and Sustainability Facility.

In December, the IMF approved the release of $447.39 million to Kenya after another review of the East African economy’s three-year, $2.34 billion Extended Fund Facility and Extended Credit Facility arrangements approved in April 2021.

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In November 2022, the IMF later increased the amount to $2.416 billion.

The IMF said on Tuesday it had agreed with Kenya to extend the Extended Fund Facility and Extended Credit Facility Arrangements by another 10 months to April 2025 to give more time to meet all the requirements.