In November, the IMF staff reached an agreement with Kenya, for an expanded $938 million financing. The funding, which still requires IMF board approval in January, would result in the fund granting Kenya immediate access to around $682 million. The International Monetary Fund (IMF) board has approved the payment of $620.65 million in budgetary support for Rwanda, Tanzania and the Democratic Republic of Congo (DRC) as part of the $1.92 billion financing commitments which the Washington-based institution agreed with six East African nations in the past six months. The deals have come as a relief for the six countries (the others are Somalia, Burundi and Kenya), which are saddled with debts, a situation made worse by falling revenue collections, declining forex reserves and depreciating currencies. Do you think that debts are doing more harm than good to the economies ?
