The board of the International Monetary Fund said on Wednesday it allowed the immediate disbursement of a further $407 million to Kenya after completing its first reviews of two agreements approved in April.

“The Kenyan authorities continue to demonstrate strong commitment to their fiscal reform agenda during this unprecedented global shock,” said Antoinette Sayeh, deputy managing director of the IMF.

She said Kenya’s performance under the arrangements has been “broadly satisfactory” and “sets the basis for a return to durable and inclusive growth.”

The board approved in April two new 38-month financing arrangements for Kenya valued at $2.34 billion.

(Reporting by Rodrigo Campos Editing by Chris Reese)