The IMF has approved a $1bn Loan for Kenya to help the country address liquidity and economic problems. Kenya's economy is weighed down by a debt of $70bn and a sharp devaluation of its currency against the dollar. The loan, which still needs to be validated by the IMF's executive board, would give Kenya immediate access to $410m, with the IMF committing a total of $3.52bn to the country. Kenya's economy, which is the largest in East Africa, has been hit by high inflation, drought, poor revenue collection and difficult financing conditions.

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