Print Edition - 2018-08-05  |  Money Digest

IMF makes progress in talks with Kenya

NAIROBI

Aug 5, 2018-

The International Monetary Fund’s mission to assess the Kenyan economy achieved “significant progress” and talks with the government will continue in the coming weeks, the IMF said on Friday after a two week visit to Nairobi. Kenya secured a six-month extension for its stand-by credit arrangement of $989.8 million from the fund in March, and is seeking another extension when it expires in mid-September. The IMF has preconditioned the extension of the stand-by credit, used for balance of payments support, on a number of measures, including the repeal of a cap on commercial lending rates which was imposed in 2016. Henry Rotich, the finance minister, moved to repeal the cap in his June budget to parliament but some influential lawmakers have vowed not to support the move. (REUTERS)

Published: 05-08-2018 08:38

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