https://en.sputniknews.africa/20241017/nairobi-intends-to-get-15-billion-loan-from-uae-kenyan-finance-minister-says-1068737852.html
Nairobi Intends to Get $1.5 Billion Loan From UAE, Kenyan Finance Minister Says
Nairobi Intends to Get $1.5 Billion Loan From UAE, Kenyan Finance Minister Says
Sputnik Africa
Speaking at the Summit of the Future at the United Nations General Assembly in September, Kenya's President William Ruto criticized the current structure of... 17.10.2024, Sputnik Africa
2024-10-17T18:53+0200
2024-10-17T18:53+0200
2024-10-17T19:05+0200
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Kenya is in talks with the United Arab Emirates for a $1.5 billion seven-year commercial loan at an interest rate of 8.25%, the media reported, citing Finance Minister John Mbadi.Mbadi underscored that his country is set to hold talks with the IMF in Washington, DC, next week, given that Nairobi has met the demands of the global lender following the summer's anti-tax protests and the subsequent dropping of the notorious finance bill.He reportedly added that the new option would be cheaper than getting the Eurobond loan at 10.7%.According to the finance minister, Kenya would discuss a new loan program when the current one ends; however, he noted that some of the financial targets set by the organization were "unrealistic."The Kenyan President William Ruto told during the Summit of the Future at the United Nations General Assembly that institutions, such as the International Monetary Fund and the World Bank, are not equipped to deal with complex issues and instead have a negative impact on developing countries.He highlighted the obstacles preventing developing countries from achieving the Sustainable Development Goals, including limited fiscal capacity, rising debt levels, an unfair lending framework, and unequal interest rates.
https://en.sputniknews.africa/20240813/kenyas-finance-ministry-strives-to-reinstate-tax-measures-previously-dropped-after-deadly-protests-1067844246.html
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east africa, kenya, middle east, united arab emirates (uae), loan, international monetary fund (imf), economy, finance minister
east africa, kenya, middle east, united arab emirates (uae), loan, international monetary fund (imf), economy, finance minister
Nairobi Intends to Get $1.5 Billion Loan From UAE, Kenyan Finance Minister Says
18:53 17.10.2024 (Updated: 19:05 17.10.2024) Speaking at the Summit of the Future at the United Nations General Assembly in September, Kenya's President William Ruto criticized the current structure of multilateral institutions, arguing that they are ineffective in addressing the challenges facing developing countries.
Kenya is in talks with the United Arab Emirates for a $1.5 billion seven-year commercial loan at an interest rate of 8.25%, the media reported, citing Finance Minister John Mbadi.
Mbadi underscored that his country is set to hold talks with the IMF in Washington, DC, next week, given that Nairobi has met the demands of the global lender following the summer's anti-tax protests and the subsequent dropping of the notorious finance bill.
He reportedly added that the new option would be cheaper than getting the Eurobond loan at 10.7%.
"There are issues to be discussed, including with the IMF, which had expressed some reservations, because we are talking about this being an external loan and is dollar-denominated, it may expose us to additional risk," the Kenyan minister was quoted as saying at a presser.
According to the finance minister, Kenya would discuss a new loan program when the current one ends; however, he noted that some of the financial targets set by the organization were "unrealistic."
"I completely believe some of the targets we have set with the IMF were unrealistic," he elaborated, speaking of a target of lowering the fiscal deficit to 3.8% in FY2024-25 from 5.2% in the year that ended in June, which has reportedly been lifted.
The Kenyan President William Ruto told during the Summit of the Future at the United Nations General Assembly that institutions, such as the
International Monetary Fund and the World Bank, are not equipped to deal with complex issues and instead have a negative impact on developing countries.
He highlighted the obstacles preventing developing countries from achieving the Sustainable Development Goals, including limited fiscal capacity, rising debt levels, an unfair lending framework, and unequal interest rates.
