Kenya in talks with IMF after standby loan deal expires

Thursday September 13 2018

Kenya's Treasury Cabinet Secretary Henry Rotich. PHOTO | NMG

Kenya's Treasury Cabinet Secretary Henry Rotich. PHOTO | NMG 

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Kenya’s standby precautionary facility with the International Monetary Fund has expired, Finance Minister Henry Rotich said on Thursday but the country will continue to talk to the IMF.

Kenya had secured a six-month extension for its standby credit arrangement of $989.8 million from the Fund in March, which was due to expire in mid-September.

“Yes, the programme has ended,” Mr Rotich told reporters, when asked about the IMF standby loan. “We will continue engaging the fund going forward,” he added.

The Finance Ministry’s Principal Secretary Kamau Thugge had said earlier on Thursday that not having an IMF precautionary arrangement would not hurt the economy.

Kenya had not drawn on the precautionary arrangement last year despite a drought, Mr Thugge said.