IMF increases loan limit to Kenya after review
International Monetary Fund (IMF) increases Kenya loan limit by Ksh98 billion after the latest review
International Monetary Fund (IMF) increases Kenya loan limit by Ksh98 billion after the latest review.
The International Monetary Fund’s (IMF) decision to expand its lending program by Ksh98 billion has boosted Kenya’s liquidity crunch.
This was revealed on Tuesday by President William Ruto’s chief economic adviser, David Ndii according to Reuters.
Ndii praised the move, pointing out that it was appropriate given that Kenya had a Ksh300 billion Eurobond that was set to mature in June 2024.
“It can augment our programme as of now up to $650 million (Ksh98 billion) that they have agreed to do,” Ndii stated.
Ruto’s economic advoser noted that this was agreed following a visit to the country by an IMF team last week.
During the visit, the IMF team conducted the sixth review of the loan programme.
While the IMF is yet to issue an official statement on the outcome of the review, Ndii revealed that it had been successful.
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In July, following a successful fifth review, IMF advanced to Kenya a Ksh146 billion.
At the time, the IMF announced that Ksh56 billion would be used to shore up the country’s economy and boost its foreign exchange reserves while the rest of the cash would be used for building resilience against climate change.
Haimanot Teferra, the IMF Mission Chief for Kenya, explained that the decision to advance the Ksh146 billion was arrived after Ruto’s administration showed it had a viable repayment formula.
“The authority (Kenya) was able to provide us with contingency plans on how the loan would be repaid,” she stated then.
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