@TheStar

Scrap or review interest rate cap, IMF tells state - 9 Mar 2018 00:29

Victor Amadala @i ...

The IMF will next week decide on the fate of Kenya’s $1.5 billion (Sh152 billion) precautionary facility whose review was postponed last year. In a statement issued at the end of a mission to Nairobi yesterday, the IMF said the new request for an extension will be placed before its board before the facility expires on March 13. “The authorities requested for a six month extension of Stand-By Arrangement (SBA) that expires on March 13, 2018 to allow more time to complete the outstanding reviews of the IMF support programme. In support of this request, authorities have committed to policies to reduce fiscal deficit and modify interest controls,” read the statement by Benedict Clements, who headed the IMF team. It said the SBA extension request will be presented to the executive board on March 13 before its expiration and the outstanding programme reviews could be completed by September. The IMF ...
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