| Agency Name: |
International Monetary Fund
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| Contacts: |
IMF
Kenya Reinsurance Plaza
8th Floor, Taifa Road
P.O. Box 46301
Nairobi
Phone: (254-2) 221648, 221714
Fax: (254-2) 310447
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| Agency Representative:
| Senior Resident Representative
Mr. Samuel Itam
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| Information Officer:
| Mr. Henry Rotich
Communication Officer/Media Focal Point:
E-mail: hrotich@imf.org
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| Website Address :
| Agency's Website
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| Mission Statement:
| Founded in 1944 to promote international financial cooperation, the IMF carries out its mandate through four main channels:
* Surveillance of member countries' financial policies to underpin their commitment to the rule of the game (i.e. an open system of trade and payments).
* Financial assistance to members facing external payments problems.
* Technical assistance to members in areas of financial management
* International dissemination of data and other information on world trade and payments.
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| Agency Activities:
| Most of the activities revolve around surveillance activities of member countries' economic and financial policies and developments. It also provides technical assistance in the form of regular country consultations and reviews of country Programmes in cooperation with bilateral and multilateral donors.
The IMF has been working closely with the Kenyan government and its development partners. The Fund's Executive Board on 28 July 2000 approved a three-year Poverty Reduction and Growth Facility (PRGF) credit to Kenya totaling SDR 150 million (about $ 198 million) to support the nation's economic and structural reform Programme. The PRGF Programme was further modified on 18 October 2000 following severe drought in the country. The modification allowed Kenya to borrow an additional SDR 40 million (about $52 million), with an immediate disbursement of SDR 20 million (about $26 million) from the IMF, bringing total disbursements so far under the Programme to SDR 33.6 million (about $43 million). PRGF loans carry an interest rate of 0.5 per cent a year, and are repayable over 10 years with a 51/2 year grace period on principal payments.
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| Agency Coverage:
| The IMF Nairobi office, opened in December 1993, covers only Kenya. Globally, the IMF has a membership of 182 countries, compared to only 29 countries during its inception in Brettonwoods (New Hampshire), U.S.A, in 1945.
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