Kenya does not expect the current visit by staff from the International Monetary Fund to result in a new lending programme at this stage, Finance Minister John Mbadi said on Wednesday, noting that discussions are focused mainly on technical matters.
The IMF team from its Washington headquarters arrived in Kenya last week and is expected to wrap up its visit later this week.
Although the Kenyan government has formally applied for a new support programme following the expiration of its previous $3.6 billion agreement in April last year, officials say IMF funding has not been included in this year’s budget plans.
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When asked by Reuters whether a new deal had been reached, Mbadi responded: “No, it’s very far from it”.
He made the remarks during an event announcing the results of an initial public offering in Kenya’s state-owned pipeline company.
“IMF was not coming for any deal. They are coming for engagement,” he said, characterising the ongoing talks as technical discussions.
According to Reuters, the government raised $2.25 billion through new Eurobonds last month.
It has also been using securitisation of selected revenue streams to finance development projects, a strategy that initially limited its ability to secure a new agreement with the IMF.
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Image Credit: Reuters
