NAIROBI, KENYA: Kenya is discussing a new standby credit facility with the International Monetary Fund after the expiry of a previous programme last year, the institution’s representative to Nairobi said on Tuesday.
The $989.8 million arrangement expired last September after the government failed to meet the fund’s conditions for an extension, including the repeal of a cap on commercial lending.
“I can just confirm that discussions on a new programme are ongoing,” Jan Mikkelsen told Reuters without offering more details.
The government is preparing to issue a $2.5 billion Eurobond and analysts say it would get better interest rates if it secured the standby credit arrangement with the IMF before it goes to market.
READ MORE
Leveraging PPPs to address Kenya's infrastructure crisis
CBK retains top spot in Kenya's wealthiest parastatals list
The role of IMF partnership amid Kenya's economic resilience
Treasury CS spells out plans to lay ground for steady economic growth
