The International Monetary Fund (IMF) headquarters during the spring meetings of the IMF and World Bank Group in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images

NAIROBI, March 17 (Reuters) – The International Monetary Fund has received a formal request for a new programme from Kenyan authorities and will engage with them going forward, it said on Monday.

A ninth review under its current extended fund facility and extended credit facility programmes will not proceed, IMF said in a statement.

The IMF did not specify the kind of programme Kenya was seeking. Finance Minister John Mbadi told Reuters last month that it would be a financing programme.

The East African economy needs continued help from the lender to keep its economy on track after its debt-servicing costs surged due to a borrowing spree over the past decade.

The government has been scrambling for new financing after deadly protests last year forced it to abandon a plan to raise extra revenue via tax hikes.

(Reporting by George Obulutsa and Duncan Miriri; Editing by Jamie Freed)

Advertisement