Ruto reaches out to IMF for additional loans
Ruto reaches out to IMF for additional loans to plug the budget deficit amid concerns over high external debt.
A delegation from the International Monetary Fund (IMF) led by Mary Goodman has arrived in Kenya for talks with Ruto on additional financing.
The 38-month program with Kenya under the Extended Fund Facility (EFF) and the Extended Credit Facility will be reviewed by the team (ECF).
The IMF team would discuss a multi-year budget support programme with senior government officials, including the Head of Public Service Felix Koskei, Central Bank of Kenya governor Patrick Njoroge and National Treasury officials.
CBK governor Patrick Njoroge had explained that Kenya’s financing needs had increased despite the $2.34 billion (KSh 283.7 billion) programme with IMF.
“We do have a programme with the IMF, and there was a certain financing need programmed in. What has happened is that the financing need has increased. We need to see how that gap can be filled within the program, and those are options we are discussing with the IMF teams,” Citizen Digital quoted him.
The IMF is expected to disburse the fourth tranche in December under EFF and ECF.
So far, Kenya has received KSh 146.4 billion from IMF to support its financing needs.
Kenya faces challenges in borrowing as in September, Njoroge expressed his frustrations about Kenya’s inability to access the dollar debt market due to the rate hike.
The CBK boss said the challenge could create a ‘potential accident’ in the financial market.
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