Kenya is in the process of being issued with the Sh200 Billion ($2 Bn) Eurobond, but also in talks with the International Monetary Fund (IMF)for a standby facility.
According to the Central Bank Governor Dr. Patrick Njoroge, a similar arrangement was negotiated in September 2018 but was never met as it was caught with time.
“The Eurobond that we are thinking of has already been anticipated in the budget. And this is trying to roll-over the previous Eurobond that is expiring sometime in June. It will not lead to new additional financing.” CBK Governor @njorogep on Bloomberg
IMF has been Kenya’s partner in helping it cushion the country against significant events that negatively affect the economy.
In September 2018, Kenya’s precautionary loan with the IMF expired after the country failed to meet certain conditions set by the lending institution.
IMF which is a Washington based organization also supported the annulment of the law on lending rate cap by the High Court in March.
“The court ruling against the rate cap, despite retaining the measure for a temporary period, will boost confidence in the financial sector and the regulatory environment, to the benefit of the wider economy.” Said IMF
The organization, however, will have to wait a bit longer for the reforms to be implemented before putting pen on paper, despite saying that the ruling was bound to improve Kenya’s prospect of securing another standby arrangement.
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