Browsing: Debt burden in Africa

Kenya seeks IMF loan condition waivers www.theexchange.africa

During the time that former President Mwai Kibaki was in office, Kenya avoided taking out this kind of credit. Instead, the majority of the assistance that the country received from organisations such as the IMF and the World Bank came in the form of project funding.

The International Monetary Fund (IMF) stated that Kenya was on the right track to reaching its fiscal objective as part of the plan and that the country’s robust tax performance this year was helping its resilience in the face of disturbances on global shocks.

The fund stated that the completion of the study would enable Kenya to access around US$239 million at the current currency rates by the middle of July, as was predicted in April.

Despite improved tax collections by the Kenya Revenue Authority, Kenya is facing high expenses of refinancing dollar loans as it looks to tap global markets to plug the country’s budget deficits. This is because Kenya is trying to fill the country’s budget shortfalls (KRA).