Posted 11/16/2023, 9:41:00 AM
Kenya Secures Nearly $1 Billion Increase in IMF Funding to Address Debt Maturity and Tight Financing Conditions
- Kenya secures $938 million increase to current IMF program, unlocking $682 million immediately
- Deal subject to IMF board approval, brings total IMF funding to $4.43 billion
- Kenya facing liquidity challenges with $2 billion Eurobond maturing in June
- Tight global financing conditions and geopolitical tensions compounding challenges
- Additional IMF funds will help Kenya pay maturing debt without draining reserves