Kenya expects a green light for a $1 billion disbursement from the International Monetary Fund (IMF) next month, President William Ruto said, which would boost an economy showing improvement after averting a debt crisis earlier this year.
Kenyan President William Ruto speaks during a joint press conference with Japanese Prime Minister Fumio Kishida at the prime minister's office in Tokyo, Japan, Thursday, Feb. 8, 2024. Shuji Kajiyama/Pool via REUTERS/File PhotoNAIROBI, April 30 - Kenya expects a green light for a $1 billion disbursement from the International Monetary Fund next month, President William Ruto said, which would boost an economy showing improvement after averting a debt crisis earlier this year.
Robust lending to Kenya from the IMF and World Bank has helped the government to navigate a liquidity crisis. The East African nation received afrom the IMF in January, which brought the size of its programme with the fund to $4.43 billion, with around $2.5 billion outstanding. Ruto told Reuters that IMF officials would arrive on May 9 for a review meant to unlock a $1 billion tranche.
"That process is going on very well," he said in the interview on Monday, adding that talks between the Kenyan minister of finance and the IMF in Washington during the World Bank/IMF spring meeting earlier this month were "extensive, very successful". The IMF has not commented on the ongoing review.Even so, Ruto reiterated an earlier vow to cut spending in the upcoming fiscal year by 12%, from 4.2 trillion shillings to 3.7 trillion shillings.
The fiscal deficit is projected to narrow to 3.9% of gross domestic product in 2024/25 financial year from 4.9% in this financial year.to commit record amounts to a low-interest World Bank facility for developing nations, saying they were facing deepening debt and climate crises.
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