Kenya has secured a new $509 million loan from the International Monetary Fund (IMF), Reuters reports. As per the deal, the IMF will immediately disburse $101.7 million under the three-year extended credit facility.

The African nation seeks to use the proceeds from the loan to increase its foreign exchange reserves to ensure economic stability. The IMF program will help maintain fiscal discipline and keep inflation low in the context of Kenya’s floating exchange rate regime.

Click here for the story from Reuters.

Click here for additional coverage from MSN Philippines News.