IMF visited Kenya

Kenya's national debt was approximately USD 78.9 billion in March 2024, an increase from USD 75.6 billion in February 2024. This debt ratio is equivalent to approximately 73.3% of the country's gross domestic product (GDP). Kenya signed a 4-year agreement with the IMF in 2021, releasing approximately $3.6 billion in funds, including an additional $542 million climate fund. This fund is designed to manage debt while stimulating the economy and creating an environment of increased global inflation. Previously, protests had occurred in Kenya, which left some people dead. These protests nullified the government's tax increases. The country now has a larger deficit, which led to a delay in the disbursement of IMF funds. The International Monetary Fund (IMF) has concluded a six-day staff visit to Kenya led by Haimanot Teferra, during which discussions were held on the latest developments and strategies to address the new challenges. The IMF conducts regular reform reviews in Kenya every six months. Only then are financing tranches released. The IMF pledged to support sustainable and inclusive growth in the East African country.  “We remain firmly committed to supporting the authorities in their efforts to develop a set of strategies that could support the completion of the reviews under the current program as soon as possible,” Ms. Teferra noted at the conclusion of the visit. https://kenyanwallstreet.com/imf-concludes-6-day-staff-visit-to-kenya/