IMF Considering New Program for Kenya Amid Expired $3.6 Billion Deal
The IMF will visit Kenya to discuss a potential new program after the expiration of the East African nation's previous $3.6 billion agreement in April. Kenya's central bank officials seek a loan component to address external debts, amid challenges in reducing fiscal deficits and boosting revenue.
The International Monetary Fund (IMF) announced plans to send staff to Kenya from September 25 to October 9 for talks on a new potential program. This follows the lapse of the country's $3.6 billion program with the IMF in April.
Kenya's financial authorities, including central bank governor Kamau Thugge, have shown interest in securing a new loan component to help with external debt repayments. News of the discussions prompted Kenya's dollar bonds to rise, with the 2048 maturity seeing an uptick in value.
Previously, Kenya struggled to meet fiscal targets under the IMF's conditions, leading to a cessation of discussions and an $800 million loss from the Extended Fund Facility. Despite these challenges, the IMF remains committed to fostering Kenya's macroeconomic stability and governance fortification.
(With inputs from agencies.)
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