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Kenya: First Review Under the Twelve-Month Stand-By Arrangement and the Arrangement Under the Stand-By Credit Facility, Request for Waivers for Non-Observance of Performance Criterion, and Request for Modification of Performance Criteria
Summary:The Executive Board approved on February 2, 2015 a 12-month Stand-By Arrangement (SBA) and an arrangement under the Standby Credit Facility (SCF), with combined access of SDR 488.52 million (180 percent of quota). The first tranche of SDR 379.96 million (140 percent of quota) was made available upon approval of the arrangements, and a further SDR 54.28 million (20 percent of quota) will become available upon completion of the first review. The authorities intend to continue treating both arrangements as precautionary, and to draw only if exogenous shocks lead to an actual balance of payment need.
