IMF Approves Disbursement Of USD 684.7 Million To Kenya

The IMF

The International Monetary Fund (IMF) Executive Board has approved the disbursement of USD 684.7m to Kenya.

The approval made on Wednesday follows the completion of the sixth review of Kenya’s multi-year arrangement with the fund under the Extended Fund Facility (EFF) and Extended Fund Facility (ECF) and the first review of the Resilience and Sustainability Facility (RSF).

The new funding from the IMF brings total disbursements under the EFF/ECF program to USD2.6bn. The multi-year IMF program runs up to April 2025.

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The Stock Market

The market turned bullish following four sessions of mixed sentiments. The NSE 25 and the N10 gained 0.7% each while the NASI and the NSE 20 gained 0.4% and 0.6% respectively.

Equity turnover edged downward by 57.3% to USD 0.5m with foreign investors dominating market activity at participation levels of 66.0% down from 64.2% in the prior session.

EABL was the day’s top mover, accounting for 43.7% of the activity levels. The counter gained 0.2% to close the day at KES 120.00.

Safaricom followed at 24.6% of the day’s turnover. The counter however shed 0.4% in the day to close at KES 13.95.

Equity Group gained 1.4% to KES 36.50 closing the day as the best-performing top mover on foreign buying while KCB Group gained 1.2% to KES 21.40 on local trading.

NBV was the day’s top gainer on a 9.7% rally to KES 2.59 while TransCentury shed 8.2% to KES 0.45 – closing as the leading laggard.

Foreign investors remained net buyers with net inflows of USD 32.5K. Equity Group led the buying charge while Safaricom led the selling charge.

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