Kenya Failed Final IMF Program Review by Missing Key Targets

Kenya failed to meet key benchmarks in its final review under an International Monetary Fund program, forfeiting a disbursement of about $850 million, according to people familiar with the matter.

The East African nation didn’t adhere to tax-revenue thresholds, resulting in a breach of its fiscal-deficit ceiling agreed with the lender under the four-year program, said the people, who asked not to be identified because the information isn’t public. Other unmet criteria include clearing government arrears dating back decades and reforming state-owned agencies that have been a drain on public coffers.