Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Public Management

Kenya’s debt at the forefront of discussions with the IMF for a new loan agreement

Wednesday, 06 March 2019 15:57
Kenya’s debt at the forefront of discussions with the IMF for a new loan agreement

(Ecofin Agency) - Kenya has initiated discussions with the IMF for a new loan agreement, Jan Mikkelsen (photo), IMF’s resident representative announced yesterday.

In September 2018, the country decided not to renew a $989.8 million loan agreement with the Bretton Woods institution because of disagreements over an interest rate cap law for commercial loans.  

These discussions could be all about Kenya’s debt that rose to $50 billion in December 2018 and forecasted to reach $60 billion by 2020.

The IMF also raised concerns about the rise in Kenyan debt, which is already 56% of GDP against 44% in 2013. The institution upgraded the country’s risk of debt distress from low to moderate. In January 2019, the government announced the issuance of a $2.5 billion Eurobond to fund the budget deficit of the 2018-2019 fiscal year.

Moutiou Adjibi Nourou  

Additional Info

  • communiques: Non
  • couleur: N/A
 
Finance


 
Mining


 
Telecom


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.