The International Monetary fund has approved Ksh 78.4 billion emergency loan to help Kenya shield its economy from the impact caused by coronavirus.
The IMF is ready to provide policy support and other support if need arises.
‘’The impact of Covid-19 on the Kenyan economy will be severe. It will act through both global and domestic channels, and downside risks remain large,’’ Said the IMF in a statement.
‘’While the authorities have taken decisive action to respond to the pandemic’s health and economic impacts, the sudden shock has left Kenya with significant fiscal and external financial needs.’’
The Kenyan government on Wednesday banned movement in and out of Old Town area in Mombasa and Eastleigh area Nairobi after the two areas recorded worrying figures of coronavirus cases.
Public gatherings and night curfew has been imposed dealing a blow to social events and night businesses that contribute to the economy.
Kenya has confirmed 607 coronavirus cases, with the virus claiming 29 lives.