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The Kenyan government requires additional loan support to finance the National Treasury, the Central Bank of Kenya (CBK) has revealed.
CBK governor Patrick Njoroge said the country is pushing for a double or triple loan from the International Monetary Fund (IMF).
Speaking during the IMF Annual Meeting in Washington DC on Thursday, October 20, Njoroge revealed Kenya was shut from the capital markets, limiting its access to external resources.
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The governor urged for faster processing of its proposals from the international lender to help offset economic impacts from global shocks
In July 2022, Kenya sent its proposals to the IMF, requesting a review of the conditions set in April 2022.
The country sought a waiver of the commitments as it requested an additional KSh 28 billion loan to finance the fiscal year 2022/2023 budget.
This came after the country failed to meet some of these conditions, including implementing the payroll system, by June 2022.
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President William Ruto announced plans to increase revenue to finance the National Treasury budget.
Ruto said the only way to improve Kenya's economy is to reduce borrowing from other countries.
The head of state urged Kenyans to help him bridge the gap by paying taxes that will realise his economic agenda.
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Source: TUKO.co.ke
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