Kenya Foregoes $800 Million IMF Review, Seeks Fresh Program
- IMF, Kenyan officials agreed not to proceed with final review
- The $3.6 billion four-year IMF program expires April 1
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Kenya requested a new funding program from the International Monetary Fund after agreeing not to proceed with a final review of an existing facility that would have unlocked $800 million. The East African nation’s bonds tumbled.
The current $3.6 billion, four-year program, signed in the wake of the Covid-19 pandemic that ravaged Kenya’s and other economies, ends on April 1. The expiry of the facility without the final disbursement will leave Kenya with a budget-financing gap.