Kenya Lost IMF Credit in June. Someone Tell the Central Bank
- IMF withdrew permission for Kenya to tap standby loan in June
- IMF delegation visiting Kenya this week to discuss new program
The Kenyan central bank in Nairobi.
Photographer: Trevor Snapp/BloombergThis article is for subscribers only.
The International Monetary Fund withdrew Kenya’s access to a $1.5 billion standby loan in June. That hasn’t stopped the country’s central bank saying the funds are still available.
The Washington-based lender, which has a delegation visiting Kenya this week, removed permission to tap the precautionary financing after the government failed to meet budget-deficit targets attached to the loan agreement. It’s the first time the withdrawal of access has been made public.