IMF Extends $941 Million Loan to Aid Kenya's Economic Struggles

The International Monetary Fund (IMF) malhas given Kenya the green light for a fresh loan exceeding $941 million, aimed at stabilizing the nation's fragile financial state. Kenya grapples with economic challenges like soaring debt, escalating inflation, and a weakening currency.

The IMF said in a statement on Wednesday that the credit of $941.2 million for Kenya had been approved by its executive board. $624.5 million of this total will be distributed right now. Kenya has borrowed around $2.6 billion from the IMF overall with this most recent loan.

Antoinette Sayeh, IMF Deputy Managing Director and Acting Chair, remarked, "Kenya's growth has remained resilient despite mounting external and domestic challenges." She emphasized that the credit arrangements aim to support efforts to maintain macroeconomic stability, reinforce policy frameworks, withstand external shocks, advance key reforms, and promote inclusive and environmentally sustainable growth.

According to recent Treasury data, Kenya's public debt stands at 10.585 trillion shillings ($65.5 billion). In December, the country opted out of repurchasing a portion of a $2 billion Eurobond set to mature in June, instead paying $68.7 million in interest to avoid a potential default.

"In its unwavering commitment to upholding a resilient sovereign credit rating and facilitating access to new development financing, Kenya remains dedicated to fulfilling all debt obligations with international lenders," Ndung'u stated.

President William Ruto previously pledged to buy back $300 million of the Eurobond, admitting public debt had "become a source of much concern to citizens, markets and our partners.

To raise revenues, Ruto has introduced unpopular new or higher taxes, sparking legal challenges. With rising living costs squeezing households, the taxes have provoked widespread public outcry.

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