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October 17, 2018

IMF grants Kenya six month extension of standby facility loan

Central Bank of Kenya headquarters in Nairobi / FILE
Central Bank of Kenya headquarters in Nairobi / FILE

The International Monetary Fund on Tuesday granted Kenya a six month extension to the Sh150 billion IMF standby facility that is due to expire next week.

In a statement the fund's executive board approved the request to allow for more time to complete the outstanding reviews. 

"The reviews are expected to be completed by September this year. It's completion will enable Kenyan authorities to have access to funds available under the precautionary SBA," read part of the statement. 

An IMF review team has been in the country for the past three weeks, conducting the 2018 Article IV consultation and holding discussions on continued IMF support to Kenya with senior officials from the Treasury, Central Bank, MPs, civil society members and the private sector. 

"The authorities have committed to policies that will enable them to achieve the program objectives, including reducing fiscal deficit and sustainability modifying interest controls." the board said.

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