CBK To Discuss New Funding Program With IMF In Washington DC


The Central Bank of Kenya (CBK) is set to engage in further discussions with the International Monetary Fund (IMF) regarding a new funding package.   During the Post-Monetary Policy Committee (MPC) briefing on Wednesday, CBK Governor Kamau Thugge announced that these discussions will occur in Washington DC, United States, next week.

  "We have been hosting the IMF for the past two weeks. The mission concludes tomorrow. We are continuing our discussions with the aim of establishing a program. These discussions will carry on next week when we travel to Washington. Naturally, we hope to finalize an agreement on a funded program as soon as possible," Thugge stated. The IMF delegation, which has been in Nairobi for the last two weeks, has been in dialogue with the Kenyan government regarding a potential new support program. Led by IMF Mission Chief for Kenya Haimanot Teferra, this visit was initiated following a request from the government to commence preliminary discussions on a new Fund-supported arrangement. In August, the CBK announced its pursuit of IMF support after the failure of the $3.6 billion Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programs. These two facilities, valued at approximately $800 million, were halted after Kenya did not fulfill conditions related to revenue collection and deficit reduction. The IMF has committed to assisting Kenya in maintaining macroeconomic stability, ensuring debt sustainability, enhancing governance, and fostering inclusive growth. This mission follows months after the government was compelled to retract controversial tax increases in the 2024 Finance Bill due to violent protests led by youth.

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