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18 APRIL 8 - 14, 2021
africa now
COMPILED BY OSWALD T. BROWN, WI CONTRIBUTING WRITER
IMF Approves $2.34 Billion Package for Kenya The International Monetary Fund on Friday, April 2 said its board had approved new three-year financing arrangements for Kenya valued at $2.34 billion to help the African country continue responding to the COVID-19 pandemic and address its debt vulnerabilities. Approval of the new loans under the Fund’s Extended Credit Facility (ECF) and Extended Fund Facility (EFF) will enable immediate disbursement of about $307.5 million that Kenya can use for budget support, adding to $739 million it received in emergency COVID-19 aid in May 2020, the fund said in a state-
ment. The IMF said Kenya’s debt remained sustainable, but it was at high risk of debt distress, and authorities should focus their near-term agenda on urgent structural policy challenges. For nearly two years, Kenya has abandoned expensive commercial debt to cut back on ballooning repayments, while revenue collection has been squeezed by the pandemic. It also faces huge budget deficits that have been deepened by the coronavirus crisis. “The program supported by EFF/ECF arrangements with the Fund provides a strong signal of support and confidence,” IMF Deputy Managing Director Antoinette Sayeh said in a statement. “The Kenyan authorities have demonstrated strong commitment to fiscal reforms during this unprecedented global shock, and Kenya’s medium-term prospects remain positive.” Kenya was hit hard at the onset by the COVID-19 pandemic, but its economy has been picking up after likely posting a slight contraction of 0.1 percent in 2020, the IMF said WI
caribbean now Trinidad & Tobago PM Appeals for Tolerance and Compassion TRINIDAD & TOBAGO – Extending Easter greetings to the nation on Saturday, April 3, Trinidad & Tobago Prime Minister Dr. Keith Rowley said Easter Sunday gives the world a renewed hope that is particularly required at this time, adding that the resurrection of Jesus Christ is a reminder that “no matter how dark a situation, as the present may seem, there is always hope for a brighter tomorrow”, The T&T Guardian reported on Sunday, April 4. “Many have doubts that Trinidad and Tobago will ever overcome the challenges before us, because of the global uncertainty," Rowley said. "But I assure you that despite what you may see or hear, in some quarters, the Government you elected in 2020 is working toward the benefit of all the people of this country." He added: “The government will not give up on the mission which the citizens of this country assigned us. With your input and patience, we are going to achieve better levels of health, security and prosperity for this country together.” He urged citizens to reflect on T&T’s history and the many hurdles the nation has overcome. He also pointed out that T&T is not the only one in the world facing socio-economic and psychological challenges caused by the pandemic as “we continue to battle with COVID-19, the acquisition of vaccines, the challenging economic circumstances, gender-based violence and other crimes.” WI
THE WASHINGTON INFORMER / WWW.WASHINGTONINFORMER.COM
