Kenya seeks new IMF loan to utilise unused funds

Kenya has applied for a new lending programme from the International Monetary Fund (IMF) to incorporate unused funds from its previous arrangement, which was terminated early, Finance Minister John Mbadi said on Monday.

The country and the IMF scrapped the final review of the existing programme, set to expire next month, due to time constraints. Mbadi noted that approximately $800 million remained unutilised, prompting discussions on a fresh funded programme.

President William Ruto’s administration has been grappling with rising debt-servicing costs following an extensive borrowing spree.

Attribution: Reuters

Subediting: M. S. Salama