Kenya has initiated talks with the International Monetary Fund (IMF) to secure a new lending program, set to replace the current one expiring in April.
According to Finance Minister John Mbadi, the East African nation requires continued IMF support to maintain economic stability.
The country has a history of collaborating with the IMF, having agreed to a four-year loan in 2021 and securing additional lending for climate change measures in May 2023, totaling $3.6 billion.
In addition to the IMF talks, Kenya is exploring alternative funding options, including a $1.5 billion commercial loan from the United Arab Emirates and potentially issuing a Eurobond.
The government aims to reduce local borrowing pressures, which currently amount to roughly 195 billion shillings.
