IMF approves KES 52.7 billion loan to Kenya
The International Monetary Fund has approved a $433 million (KES 52.7 billion) loan to Kenya to facilitate the country’s economic plan.
IMF delegates visited the country on Tuesday to discuss reform progress and the government’s policy priorities in the context of the fourth review of Kenya’s economic program supported by the IMF’s Extended Fund Facility.
Kenya and the IMF delegation led by Mary Goodman and Tobias Rasmussen agreed to the loan subject to IMF management and the Executive Board’s approval in the weeks ahead.
The IMF stated on its website that the economy is still largely resilient and that the Ruto administration has shown a strong commitment to the IMF-supported program.
However, the IMF noted that a difficult environment for economic policymaking has been created by fluctuating global commodity prices, tighter external financing conditions, higher inflation, a global slowdown in growth, and ongoing drought.
According to the IMF, Kenya’s program supports inclusive growth while addressing debt vulnerabilities, helping the nation weather these global shocks.
“The Kenyan economy has been resilient in the face of a challenging environment. Real GDP grew by 6 percent year-on-year in the first half of 2022, supported by robust services sector activity notwithstanding a decline in agricultural output. Food insecurity has increased on a severe drought in parts of the country,” IMF said.
“Higher food and energy prices have pushed up inflation and pressured the external position. At the same time, the peaceful completion of elections has lifted uncertainty and credit to the private sector is expanding. Staff projects growth at 5.3 percent in 2022 amid domestic policy tightening and a global slowdown that are likely to also weigh on growth in 2023. The medium-term outlook remains favorable, supported by proactive reform efforts by the new government,” IMF added.
Ruto’s decisive actions to further reduce the fiscal deficit were also praised by the IMF.
In September, fuel subsidies were cut off, and variable cost adjustments for electricity prices were reinstated. They also mentioned that a supplemental budget for FY2022/23 is currently being created and will implement significant spending reductions.
The team met with President William Ruto, Prof. Njuguna Ndung’u, Cabinet Secretary for National Treasury and Planning, Dr. Patrick Njoroge, Principal Secretary for the National Treasury Julius Muia, Sheila M’Mbijjewe, Deputy Governor of the Central Bank of Kenya (CBK), members of the Economic Council, and other senior government and CBK officials.
The IMF based its loan to Kenya on three new metrics in August of this year, which did not align with the populist stance of the leading presidential contenders and hinted at a potential dispute between the multilateral organization and Kenya’s new government.
These structural benchmarks included the implementation of national tax policy, scrapping fuel subsidies and a push for Kenya Power to fully bridge its fiscal gap by 2023.
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