IMF raises queries over Kenya’s revenue shortfall
The International Monetary Fund (IMF) has raised concerns about the decrease in revenue collections in Kenya, urging authorities to implement
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IMF
IMF sees loans to Kenya’s private sector declining
The International Monetary Fund (IMF) sees loans to Kenya’s private sector declining to a single digit growth this year signaling a dim view of economic activity as the country struggles with weak demand and crowding out effect of the debt paying government. The Fund indicated that credit to the private sector is expected to plunge from 12.5 percent to 9.5 percent. This signal banks will be more willing to lend to the government than to private businesses and individuals. Private sector suffering The IMF Board, which yesterday gave Kenya access to $415.4 million programme loans and additional support as well as new credit line of…
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IMF Board to decide Kenya fate next week amidst Finance Act court case
The International Monetary Fund (IMF) will meet next week on Monday to review Kenya’s application for extending the programme, accessing additional funds and negotiating a new funding line, even as the country litigates the Fund’s sponsored tax laws. The meeting is also expected to review requests to waive application of some conditionalities and a clause to consult the fund on making monetary policy decisions. Kenya which is in dire need of IMF funds to plug budget holes due to inability to afford commercial loans is keen on accessing an extra $1.1 billion (Kes152 billion) and expand the Fund programme by another two years after reaching a staff…
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World Bank extra billions to cover funding shortfall from failed Eurobond
The World Bank approved Kenya request to increase allocation under the Development Policy Operation framework (DPO) from $750 million to $1 billion to cover shortfalls after Kenya failed to raise a Eurobond. The green growth funds, set to be disbursed after the Banks board approved the funding this week will be keen in replenishing Kenya’s forex reserves that have come under debt repayment pressures and shilling volatility. World Bank said working closely with the International Monetary Fund (IMF) they determined Kenya needed access to additional funding given the country was unable to raise money through the Eurobond that has led to a buildup of financing…
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IMF gives Kenya an extra Kes152 billion loan
The International Monetary Fund (IMF) have reached a deal to boost loans to Kenya by an extra $1.1 billion (Kes152 billion) and expand the Fund programme by another two years, a move that is bound to calm fears over the country’s ability to repay the Eurobond next year. IMF agreed to give Kenya additional support under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements as well as open a new line of credit under the Resilience and Sustainability Facility (RSF) arrangement that will run for a 20 month period. The additional resources bring total programme loans to $3.52 billion, funds which will…
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