Sharp Daily
No Result
View All Result
Sunday, August 3, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

IMF expands lending program to Kenya to USD 650 million

Duncan Muema by Duncan Muema
November 11, 2023
in News
Reading Time: 1 min read

Following a recent visit by an International Monetary Fund (IMF) delegation, led by Haimanot Teferra, the IMF Mission Chief for Kenya, President Ruto’s Chief Economic Advisor, David Ndii, announced that the IMF’s lending program to Kenya has been expanded to a total of KES 98 billion (USD 650 million).

Despite the IMF remaining tight-lipped on the outcome of the sixth review, Ndii indicated that the visit was successful.

This development comes at a time when Kenya is facing a KES 2.0 billion Eurobond maturity in June 2023, raising doubts about the government’s ability to repay the debt.

To add to the strain, Kenya’s debt level has been rising, registering a high of KES 10.5 trillion, largely attributed to persistent fiscal deficits. The sustained depreciation of the Kenyan Shilling, which has fallen by 22.4% year-to-date, puts additional strain on debt servicing costs, given that 67.1% of Kenya’s foreign debt is denominated in USD.

RELATEDPOSTS

Why firms are shedding jobs despite survival

June 19, 2025

Opinion: Austerity wrong medicine for Kenya’s economy.

June 16, 2025

The completion of the IMF’s fifth review earlier this year saw the IMF approve KES 58.9 billion to Kenya under the Extended Credit Facility, allocated to strengthen the economy and foreign exchange reserves, with an additional KES 78.1 billion provided under the Resilience and Sustainability Facility, remaining funds intended to enhance Kenya’s resilience against climate change.

It is essential to note that the approval of the IMF loan was contingent upon Kenya’s presentation of a viable and robust repayment plan.

According to the Chief Economic Advisor, the expansion of the lending program is expected to fully fund the 2024 Eurobond.

This development marks a significant milestone in Kenya’s economic landscape, and coupled with the government’s announcement to settle USD 300 million of the upcoming Eurobond maturity, is poised to help repair the country’s credit outlook, thus easing pressure on Kenya’s Eurobond yields in the secondary market.

Previous Post

Green buildings: A sustainable solution for a better tomorrow

Next Post

KCB Group: An undervalued gem amid the gloom on the NSE?

Duncan Muema

Duncan Muema

Related Posts

commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025

LATEST STORIES

EABL posts 12.2% profit surge, strengthens regional footprint despite rising illicit trade

August 1, 2025
1049795356

Maximizing Your Pension Contributions

August 1, 2025

The functional role of narrative in financial markets

August 1, 2025

Tanzania’s protectionist shift and what it means for Kenyan entrepreneurs and regional trade

July 31, 2025

Kenya’s Interest Rate Cut: A Turning Point for Growth

July 31, 2025

Why Syokimau, a satellite town is attracting real estate investors

July 31, 2025

Shri Krishana Overseas lists on NSE

July 25, 2025

Why young professionals should care about pensions

July 23, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024