https://en.sputniknews.africa/20241024/nairobi-complies-with-demands-of-imf-to-get-four-year-loan-kenyan-central-bank-says-1068860962.html
Nairobi Complies With Demands of IMF to Get Four-Year Loan, Kenyan Central Bank Says
Nairobi Complies With Demands of IMF to Get Four-Year Loan, Kenyan Central Bank Says
Sputnik Africa
In September, Kenyan President William Ruto said during the Summit of the Future at the United Nations General Assembly that institutions, such as the... 24.10.2024, Sputnik Africa
2024-10-24T20:07+0200
2024-10-24T20:07+0200
2024-10-25T15:09+0200
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Kenya complies with the demands of the International Monetary Fund to get a four-year loan, Kamau Thugge, the head of the Central Bank of Kenya, told the Western news agency on the sidelines of the IMF and World Bank annual meetings in Washington.Kenya and the IMF agreed on a four-year loan program back in 2021. In addition, Nairobi reportedly signed up for climate change lending; hence, the total loan achieved $3.6 billion.Thugge pointed out to the Western media that the inflation in Kenya would decrease to the 3.6% annual rate recorded in September. According to the report, the Central Bank governor noted that the country's financial reserves currently stood at $8.6 billion.Earlier the media reported, citing Finance Minister John Mbadi, that Kenya continued talks with the IMF, given that Nairobi has met the demands of the organization following this summer's anti-tax protests and the subsequent dropping of the notorious finance bill. The country was reportedly in talks with the United Arab Emirates for a $1.5 billion seven-year commercial loan at an interest rate of 8.25%.
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kenya, east africa, nairobi, economy, international monetary fund (imf), finance, loan, central bank
kenya, east africa, nairobi, economy, international monetary fund (imf), finance, loan, central bank
Nairobi Complies With Demands of IMF to Get Four-Year Loan, Kenyan Central Bank Says
20:07 24.10.2024 (Updated: 15:09 25.10.2024) In September, Kenyan President William Ruto said 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.
Kenya complies with the demands of the International Monetary Fund to get a four-year loan, Kamau Thugge, the head of the Central Bank of Kenya, told the Western news agency on the sidelines of the IMF and World Bank annual meetings in Washington.
"We've achieved all that was needed for the reviews to be completed. Obviously, after the review, there are still the targets for December," Thugge said.
Kenya and the IMF agreed on a four-year loan program back in 2021. In addition, Nairobi reportedly signed up for climate change lending; hence, the total loan achieved $3.6 billion.
Thugge pointed out to the Western media that the inflation in Kenya would decrease to the 3.6% annual rate recorded in September. According to the report, the Central Bank governor noted that the country's
financial reserves currently stood at $8.6 billion.
Earlier the media reported, citing Finance Minister John Mbadi, that Kenya continued talks with the IMF, given that Nairobi has met the demands of the organization following this summer's anti-tax protests and the subsequent dropping of the notorious
finance bill.
The country
was reportedly in talks with the United Arab Emirates for a $1.5 billion seven-year commercial loan at an interest rate of 8.25%.
