Kenya, IMF set for Sh153 billion standby loan talks

By K24Tv Team On Tue, 26 Nov, 2019 10:05 | < 1 min read
Kristalina Georgieva
IMF Managing Director Kristalina Georgieva. PHOTO | TWITTER

By Zachary Ochuodho

The International Monetary Fund (IMF) is set to hold discussions with Kenya early next year on a $1.5 billion (Sh152.72 billion) standby loan facility that the country can tap in the event of economic shocks.

Speaking last week, the fund’s Managing Director, Kristalina Georgieva, raised concern about Kenya’s rising debt at almost 60 percent of gross domestic product.

Ms Georgieva said the government needed to be cautious after it increased its debt ceiling limit by doubling it to Sh9 trillion in October 2019.

Kenya’s talks with the IMF over the standby credit facility collapsed, immediately after a delegation from the fund expected in Nairobi in July cancelled the visit after former Treasury Secretary Henry Rotich and his Principal Secretary Kamau Thugge were charged with corruption offences.