IMF to increase Kenya programme by $650mn

NAIROBI: The International Monetary Fund (IMF) has agreed to increase Kenya’s lending programme by $650 million, the Kenyan president’s chief economic adviser said on Tuesday, ahead of the maturity of a $2 billion Eurobond next year.

The maturing bond is fully-funded, David Ndii told an economic forum hosted by a local bank.

“It can augment our programme as of now up to $650 million that they have agreed to do,” he said.

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An IMF team arrived in Nairobi last week to conduct the sixth review of the lending programme approved in 2021.

The fund has not yet commented on the outcome of the mission.