Economy

IMF to Review Kenya’s $3.9 Billion Loan Program on October 30

Kenya, which faces a high risk of debt distress, has sought IMF support to address its financial vulnerabilities. The country expects to receive a total of $1 billion from the IMF by June 2025.

October 18, 2024
672 1 minute read
IMF to Review Kenya’s $3.9 Billion Loan Program on October 30

The International Monetary Fund (IMF) executive board is set to deliberate the next disbursement in Kenya’s $3.9 billion loan program on October 30, according to sources familiar with the process.

The meeting is very crucial because it intends to unlock Kenya’s $600 million.

While IMF staff reached an initial agreement with Kenyan officials in June, discussions were interrupted following anti-government protests related to the program’s reforms, which resulted in the deaths of at least 60 people. The protests led to renewed negotiations between IMF officials an Nairobi.

Kenya, which faces a high risk of debt distress, has sought IMF support to address its financial vulnerabilities. The country expects to receive a total of $1 billion from the IMF by June 2025.

Sources confirm that the IMF has informed Kenyan authorities about the October 30 meeting, although the agenda is still tentative.

Ongoing Talks

An IMF spokesperson said no official date has been confirmed for the board’s meeting and that discussions are still underway. These talks are evaluating recent fiscal developments and the potential implications of recent court rulings.

Also Read: Kenya to Decide on Future IMF Loans as Current Program Nears Expiry

The upcoming review will also address Kenya’s climate-financing program under the IMF’s resilience and sustainability facility.

The IMF review process faced delays earlier this year when widespread protests erupted in June over proposed taxes on essential goods like bread and diapers. The government eventually dropped the tax plans, which has caused a broader budget deficit.

Adapting to Circumstances

In an August statement, the IMF said “each program review considers evolving circumstances,” suggesting flexibility in response to changing economic conditions.

An IMF team visited Kenya in September to assess the economic impact of the abandoned tax measures. On October 9, Central Bank of Kenya (CBK) Governor Kamau Thugge announced Kenya was nearing the final stages of an agreement with the IMF. He also mentioned that the IMF will combine its seventh and eighth reviews of Kenya’s loan program.

Initially, the eighth review was planned for late October, with the ninth and final review scheduled for March 2025, according to a January IMF report.

October 18, 2024
672 1 minute read
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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