IMF identifies 51 projects to benefit from Eurobond

International Monetary Fund (IMF) Managing Director Kristalina Georgieva (AP Photo/Jose Luis Magana)

The International Monetary Fund (IMF) has identified 51 projects where Kenya will be expected to invest a Sh248 billion Eurobond loan.

In what are steps clearly aimed at preventing a repeat of the opaque spending of the previous Eurobond loan, the government will be required to spend the money on high-yielding projects aimed at spurring growth and reducing poverty.

Any attempt to spend the money on other items, the IMF warned Kenyan authorities, could lead to the termination of the loan programme that is aimed at improving the country’s deteriorating fiscal position.