(Ecofin Agency) - Kenya obtained a $600 million loan from China to finance its budget deficit, Reuters said on May 26, citing the representative of the International Monetary Fund to Kenya, Armanda Morales. “The deal for the loan is finalized and Kenyan authorities expect the money in the next two weeks,” he said without giving further details.

A senior treasury official said in April 2016 that the Chinese loan would help fund the budget deficit for the 2015-2016 year ending June 30. The deficit is 7.9% of the country’s GDP against 8.7% initially forecast.

The IMF announced mid-March that a $1.5 billion aid program to Kenya had been approved, in respect to a two-year Stand-by Arrangement.

The institution then said East Africa’s top economy was still vulnerable to shocks despite good growth performances, citing among others unfavorable conditions on international financial markets, persisting security threats and concerns related to extreme weather events.