Business

Reuters

The International Monetary Fund (IMF) will give Kenya nearly $57 million after waiving several requirements, including on reserve money levels and the declaration of assets by senior civil servants.

In its latest review of east Africa's biggest economy, seen by Reuters on Thursday, the Fund said Kenya's macroeconomic performance had improved markedly since 2004 as prudent policies contained domestic debt and increased financial reserves.

Going forward, it said, faster structural reforms and infrastructure improvements were essential, and reserve money targets would need to be tightened to safeguard stability.

The IMF's deputy managing director, Murillo Portugal, said recent steps by the government had strengthened institutions and increased transparency, but more needed to be done. "The legislative agenda on governance is unfinished and more progress has to be made in the investigation and prosecution of prominent corruption cases," he said in a statement contained in the review.

The Fund said its Board approved the release of about $56.8 million after the review, meaning some $170 million has been disbursed under Kenya's Poverty Reduction and Growth Facility.

Last year, the IMF and the World Bank delayed handing over millions of dollars in aid to the country over graft scandals.