News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    Facebook Twitter Instagram YouTube
    • Politics
    • Business
    • Sports
    • Features
    • Shows
    • Op-Ed
    • Watch Live
    Facebook Twitter Instagram YouTube
    News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    Watch Live Tv
    OUR TV SHOWS
    • BREAKFAST CENTRAL
    • VILLAGE SQUARE AFRICA
    • BUSINESS EDGE
    • SECURE THE CONTINENT
    • ONE SLOT
    • POLITICS HQ
    • REPORT DESK AFRICA
    • E CENTRAL
    News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    You are at:Home»Business News»IMF suspends Kenya’s $1.5 billion loan talks
    Business News

    IMF suspends Kenya’s $1.5 billion loan talks

    Nasir AgbalayaBy Nasir AgbalayaOctober 7, 201902 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    IMF suspends Kenya's $1.5 billion loan talks
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Kenya’s talks with the International Monetary Fund (IMF) for the renewal of a $1.5 billion standby credit facility have collapsed.

    This follows the exit of the country’s treasury’s two most senior officials in an anti-corruption purge, leaving the country exposed to economic shocks.

    An IMF delegation expected in Nairobi in July, cancelled the visit after Treasury Secretary, Henry Rotich and his Principal Secretary, Kamau Thugge were charged with corruption offences.

    Collapse of the talks left in abeyance, the renewal of the standby credit facility intended to cushion the Kenyan shilling, which last week, depreciated to a four-month low against the US dollar.

    The two-year standby loan facility, which expired in September last year, is intended to cushion the shilling against external shocks and raise the country’s credibility in the eyes of foreign lenders.

    Rotich had in May this year, said that he expected to conclude talks with the IMF over renewal of the loan in two months.

    “They did not come,” says Geoffrey Mwau, the Treasury’s director-general in-charge of budget, fiscal and economic affairs, while declining to disclose reasons for cancellation of the visit.

    Being in good books with the IMF is considered a plus as it gives comfort to foreign lenders, who are currently holding in excess of $26 billion Kenyan debt.

    The new Treasury Principal Secretary, Julius Muia in an interview says plans are underway to re-engage the IMF, with the possibility of resuming talks next month.

    The new Treasury officials will be laying the groundwork for fresh discussions with the IMF during the Fund’s annual meetings in Washington starting October 14-20.

    “We’re arranging for a detailed engagement with the IMF during its annual meetings in Washington starting from October 14, from there they will be coming in November, which is when we will kick off discussions in a structured manner,” Muia adds.

    Kenya initially secured the two-year IMF precautionary facility in March 2016. It expired in March last year, but was extended up to September.

    Kenya
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticlePublic protector on mission to clean up government in Malawi
    Next Article Senegalese divers plunge to end Dakar’s plastic tide
    Nasir Agbalaya

    Related Posts

    UBA Group Charts Ambitious Global Expansion

    July 10, 2025

    BoG Vows Cedi Strength, Boost Credibility

    July 9, 2025

    Cedi Sells at GH¢10.35 in Interbank Market

    July 9, 2025
    Add A Comment

    Leave A Reply Cancel Reply

    Latest Stories Today

    Messi Double Lifts Miami Over Nashville

    By Temitope OkeJuly 13, 2025

    Lionel Messi maintained his remarkable scoring streak in Major League Soccer on Saturday, scoring twice…

    Trump Threatens to Revoke Rosie O’Donnell’s Citizenship

    Nvidia CEO: AI Job Impact Tied to Innovation

    Poland Finalises Major Tank Deal with South Korea

    • Facebook
    • Twitter
    • Instagram
    • YouTube
    © 2025 Newscentral Television All rights reserved.

    Type above and press Enter to search. Press Esc to cancel.