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IMF is ready to give Kenya more loans as the country’s debt has raised to billions of dollars

The International Monetary Fund (IMF) says it has been impressed by the steps taken by President Uhuru Kenyatta over the recent months.

In a statement dated Friday, November 5, IMF allowed Kenya to draw Ksh29.4 billion from the Ksh255 billion loan it gave the government in April 2021. The total amount released to Kenya in 2021 now amounts to Ksh109 billion, with the balance amounting to over Ksh146 billion. 

IMF stated that it allowed Kenya to access the Ksh29.4 billion after reviewing the country’s progress on its governance and anti-graft agenda.

“The authorities have an action plan to address legal impediments that prevented publication of beneficial ownership information of successful bidders on the public procurement website.

“To safeguard public resources and enhance accountability, a special audit of grants spending will be undertaken, and the comprehensive audit of FY20/21 expenditure will include a chapter on pandemic-related spending,” IMF stated. 

It also noted Kenya’s efforts in undertaking reforms to improve government effectiveness and proactively manage fiscal risks. 

IMF underlined Uhuru’s endeavour to streamline parastatals, notably, Kenya Power and Kenya Airways (KQ) as a major factor in turning around the entities to operate on profits rather than losses. 

It further called on the government to reduce debt vulnerabilities and safeguard resources to protect vulnerable groups. 

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