Kenya Seeks New IMF Lending Program Amid Financial Challenges

Kenya has requested a new lending program from the IMF after both parties halted the current program’s final review. Finance Minister John Mbadi noted unused funds remain. The cancellation was due to time constraints, not unmet targets, according to Mbadi. Talks for the new program are anticipated.

Kenya has applied for a new lending program from the International Monetary Fund (IMF) that considers unused money from its current arrangement, Finance Minister John Mbadi revealed on Monday.

The East African nation and the IMF decided last week to abandon the scheduled ninth and final review of the program, which was nearing expiration.

Concerns over unmet financial targets were dismissed by Mbadi, who attributed the decision to time constraints. Talks about the new program are underway, and an announcement is expected soon.

(With inputs from agencies.)