Kenya has secured a six-month extension for its stand-by credit arrangement of $989.8 million from the international monetary fund in March, and is seeking another extension when it expires in mid-September.

According to Reuters news agency the IMF has preconditioned the extension of the stand-by credit, used for balance of payments support, on a number of measures, including the repeal of a cap on commercial lending rates which was imposed in 2016. Treasury CS Henry Rotich moved to repeal the cap in his June budget to parliament but some influential lawmakers have vowed not to support the move. The budget must still be debated and passed by lawmakers before it becomes law.