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Bond Market News
Kenya Set to Receive $1bn from IMF
July 18, 2023
Kenya is set to receive nearly $1bn in funding from the IMF after the latter completed the fifth review under the country’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programs. The arrangement is made up of an immediate disbursement of roughly $415.4mn and a 20-month $551.4mn arrangement under the IMF’s Resilience and Sustainability Trust to support Kenya’s climate resilience efforts. Furthermore, the arrangements received an extension to 48 months (from the earlier 38 months) to allow Kenya more time to implement reforms. The IMF has noted Kenya’s progress in implementing economic reforms even though it faced the worst drought in decades and a challenging external environment. The funds are said to assist Kenya in addressing such challenges while at the same time sustaining market confidence, promoting growth, and advancing ongoing reforms.
Kenya’s 6.875% 2024s have ticked higher by 1.1 points since last week to trade at 95.5 cents on the dollar currently, yielding 12.1%.
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