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Kenya strikes KES 126 billion IMF deal

Derrick Omwakwe by Derrick Omwakwe
September 13, 2024
in News
Reading Time: 2 mins read

Kenya has reached a staff-level agreement with the International Monetary Fund (IMF), paving the way for the release of approximately $976 million (KES 126 billion), the IMF announced on Tuesday.

If the IMF’s Executive Board approves a second review of Kenya’s Resilience and Sustainability Facility, the country will gain immediate access to $120 million.

The IMF urged Kenya to revise its 2024/25 budget to incorporate additional revenue-raising measures. The need for domestic borrowing is expected to remain high due to a worsening primary fiscal balance in the previous financial year and a shortfall in tax collection.

Despite facing liquidity challenges since 2022, Kenya successfully issued a $1.5 billion Eurobond in February to partially buy back another Eurobond maturing in June, boosting investor confidence and strengthening the shilling against the dollar.

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The IMF highlighted that fiscal adjustments in the 2024/25 budget could alleviate Kenya’s financial difficulties. “Authorities have taken decisive steps towards fiscal consolidation by introducing several measures in the context of the draft 2024/25 Budget and the 2024 Finance Bill,” the IMF stated.

Kenya’s finance minister is set to present the 2024/25 (July-June) budget to parliament on Thursday. Parliament has already approved overall spending of KES 4 trillion (USD31 billion) for the year, up from the KES 3.75 trillion initially presented for the 2023/24 year.

The 2024/25 budget will be accompanied by the Finance Bill 2024, which includes revenue-raising proposals that critics argue could adversely affect sectors such as financial services, transport, manufacturing, and retail.

Kenya’s current IMF program, totalling $3.6 billion, was agreed upon in April 2021, with the current review being the seventh under this agreement. Last week, the central bank governor announced that Kenya would use part of a $1.2 billion World Bank budget support loan to make a $500 million payment on a Eurobond maturing this month.

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