Kenya now unable to access IMF Loans

KTN News Sep 13,2018


View More on Business

Kenya may miss out on the next tranche of funding from the international monetary fund after the timelines for review of the facility expired. According to a report by Reuters which quoted national treasury cabinet secretary Henry Rotich confirming the facility was no longer accessible but the country will still be engaging the fund. Kenya had secured a six?month extension for its stand?by credit arrangement of 989.8 million us dollars from the international monetary fund in March, which was due to expire in mid?September. The finance ministry’s principal secretary Kamau Thugge had said earlier on Thursday that not having an IMF precautionary arrangement would not hurt the economy. Kenya had not drawn on the precautionary arrangement last year despite a drought.