IMF Resident Representative in Nairobi, Jan Mikkelsen, has issued a statement saying Kenya’s access to a $1.5 billion standby facility has not been discontinued as reported earlier.
Jan Mikkelsen noted, “Further to some press reports earlier today, I would like to clarify the status of Kenya’s Fund-supported program.
“The precautionary SBA/SCF arrangement remains in place until end-March 2018. The second and third reviews of the program, due respectively in June and December 2017, could not be completed on schedule as agreement could not be reached on stronger fiscal policies, and discussions were postponed due to the prolonged election period. Kenya continues to have access to resources since June subject to policy understandings to complete the outstanding reviews.
“An IMF staff team is currently in Nairobi for discussions on a possible new program and we are hopeful for an agreement.”
Bloomberg; IMF withdrew permission for Kenya to tap standby loan in June
