The finance minister reports that Kenya has asked for a new IMF funding package

Finance Minister John Mbadi announced on Monday that Kenya has asked for a new loan program from the International Monetary Fund to account for excess funds from the existing program, which both parties withdrew from last week.

The current program’s ninth and last review was scheduled to end next month, but the East African country and the IMF decided last week to postpone it. Time constraints were the deciding factor, according to Mbadi.

“Because there is a carryover, there is some money that we have not utilized in the ninth review, then we agreed that there’s a possibility of a funded program,” according to him.

About $800 million was still up for grabs, according to Mbadi.
A borrowing binge that resulted in a spike in debt-servicing expenses has made it difficult for President William Ruto’s administration to get its finances back on track.