Kenyan adviser says IMF to expand loan facilities by $650m

The International Monetary Fund has agreed to significantly expand financial support for Kenya, President William Ruto’s chief economic adviser said on Tuesday.

“It can augment our program as of now up to $650 million. That they have agreed to do,” David Ndii told a banking conference in Nairobi.

IMF support for Kenya was already increased in May by 45% to $3.5 billion, when the Washington-based lender agreed to extend the duration of the 38-month program by 10 months to April 2025.

The government is contending with a heavy debt burden, including repaying a $2 billion eurobond due in June, in addition to elevated energy and food import bills, with limited foreign exchange to fund the shortfalls.