Kenya Treasury Won't Renew $1.5 Billion IMF Standby Facility
- IMF precautionary facility against shocks expires Thursday
- State may enter new arrangement if it deems it ‘necessary’
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Kenya’s Treasury will allow a $1.5-billion International Monetary Fund standby loan to expire and is deciding whether to arrange a new facility, Treasury Secretary Henry Rotich said.
The funding that’s been in place since March 2016 has been available to protect Kenya’s economy from exogenous shocks, and served as an assurance to investors in the country’s financial assets. The program was scheduled to expire in March, but was extended by six months to allow for program reviews delayed by last year’s protracted elections. It’s scheduled to lapse on Thursday.