IMF sets tough new terms for Kenya to access credit

Kenya will have to meet tough new conditions to access a $1.5 billion (Sh151 billion) emergency credit facility from the International Monetary Fund (IMF).

The country will be expected to, among other things, trim its budget deficit by 3 per cent if it is to access the global lender’s credit facility. A budget deficit means the Government cannot meet its obligations from its tax revenues. In the last financial year, the government had a budget deficit of around Sh500 billion.