IMF staff visiting Kenya amid loan programme increase request
International Monetary Fund (IMF) staff started a visit to Kenya on Monday, amid talks about expanding its loan facility
International Monetary Fund (IMF) staff started a visit to Kenya on Monday, amid talks about expanding its loan facility.
Staff from the International Monetary Fund (IMF) began visiting Kenya on Monday, according to a spokesman, after the announcement by the governor of the Central Bank of Kenya that the organization was talking about expanding its loan program with the fund.
According to Kamau Thugge, who spoke with Reuters earlier this month, Kenya is in talks with the IMF on a potential “augmentation” of its loan program.
This may involve the Fund requesting “exceptional access” while the nation works to manage its debts, which include a $2 billion Eurobond that matures in June 2024.
The IMF spokesperson did not give any further details about the visit.
The visit had been planned under the sixth assessment of its lending program, but the spokesman provided no additional information.
With unique access, Kenya might request more money from the IMF than it is now allotted.
The loan program would see its third rise if more IMF funding were granted. Its initial funding target was $2.3 billion in 2021.
The presence of the IMF team in Kenya demonstrates a dedication to collaborating to identify answers and offer the assistance required to strengthen the nation’s economy.
Gaza City will be obliterated as revenge for Hamas attack; Former Israel military intel chief
Police blocks conferences fronted to expose atrocities by UK troops ahead of King’s visit
Form four students beat up principal over ‘sugarless’ porridge
Raila rejects decision to include IMF, World Bank in the bipartisan talks
Russia arrests unnamed man for passing military secrets to Ukraine
80 homes face demolition after owners fail to honour Uhuru agreement with developer
The specifics of the loan program expansion request and the discussions between the Kenyan government and the IMF staff will play a significant role in determining the terms and conditions of the financial aid.
The results of these talks will be carefully monitored since they will significantly affect Kenya’s economic growth and stability.
The IMF’s engagement is a reflection of both its mandate to advance global economic peace and prosperity and its responsibility to support nations that are experiencing financial challenges.
Exceptional access would allow Kenya to ask for more than its limit of IMF funding. If more IMF funds are approved, it would be the third increase to the loan programme, which was originally set at $2.3 billion in 2021.
Also read,
Raila responds after GSU officers raid Gov Simba Arati
Ruto advisor clash with former Nation Media Group boss over remark on Uhuru Kenyatta
Kenyans to transact using their iris and fingerprints by December; Ruto
Gov Simba Arati breaks silence after a contingent of GSU officers surround his office
Two GSU officers dead after Alshabaab attack while heading to man KCPE exams
Follow us
