The International Monetary Fund (IMF) will meet on Wednesday to complete the sixth review of its arrangement with Kenya. IMF is expected to wire Sh109 billion, inclusive of the expansion of resources under the extended fund facility (ECF) and extended credit facility (ECF) and the first review of the resilience sustainability facility (RSF). Proceeds from the review are set to support Kenya's foreign exchange reserves, with the State expected to draw on the buffer to meet the Sh319 billion ($2 billion) Eurobond maturing in June. Kenya's international bonds rose modestly on the news, with the $2 billion note maturing in June 2024 rising the most. The country has been grappling with acute liquidity challenges caused by uncertainty over its ability to access funding from financial markets before a $2 billion Eurobond matures next June.

Source: The Star January 15, 2024 09:12 UTC