Kenya is set to receive Ksh181.3 billion from the International Monetary Fund (IMF) this financial year, according to Central Bank of Kenya Governor Dr. Kamau Thugge.....CLICK HERE TO READ THE FULL ARTICLE>>>
This substantial financial boost is intended to alleviate economic strains caused by recent unrest and the rejection of the Finance Bill 2024.
Dr. Thugge announced on Tuesday that the IMF will disburse $1.4 billion (about Ksh181.3 billion) throughout the year, supplemented by an additional $600 million (approximately Ksh 77.7 billion) from a recent review.
“We are hopeful that a board meeting will be scheduled soon to facilitate these disbursements,” Thugge stated.
The IMF’s financial aid comes as Kenya faces severe economic pressure, intensified by the withdrawal of the Finance Bill 2024, which was aimed at generating additional revenue but faced public backlash.
President William Ruto has acknowledged the need for increased borrowing, estimating that Kenya will need at least Ksh1.2 trillion this year to address budget shortfalls.
Treasury Principal Secretary Chris Kiptoo has indicated ongoing negotiations with the IMF and other financial bodies for further support, while also exploring global bond markets to bridge the funding gap.
The IMF’s loan conditions, which include tax increases and subsidy reductions, are intended to enhance revenue and control spending amid Kenya’s mounting debt challenges...CONTINUE READING>>
