The International Monetary Fund (IMF) Executive Board is set to delay its approval to disburse a KSh28.7 billion loan to Kenya.
While the country had hoped to get the board’s nod to wire the funds which are part of a three-year loan program before June 30, the IMF Executive Board calendar to the end of the month does not include discussions on the third-tranche disbursement with Kenya.
Delays in the disbursement are set to leave a marginal hole in financing the budget to June 30 even as the National Treasury works to acquire a syndicated loan to plug an even wider gap in the budget.
In April, IMF staff and Kenyan authorities reached a staff level agreement in economic reviews marking the third formal assessment of the 38-month program that will see cumulative disbursements of KSh275 billion to Kenya.
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