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HomenewsIMF Officials Arrive In Kenya As Gov’t Seek Additional Loan

IMF Officials Arrive In Kenya As Gov’t Seek Additional Loan

Officials from the International Monetary Fund (IMF) arrived in Nairobi, Kenya ahead of talks on additional loans.

The delegate which is led by Mary Goodman is also set to review the 38-month programme which it has with Kenya under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF).

The team from the financial agency is also set to hold a series of meetings with among others Head of Public Service Felix Koskei and Central Bank of Kenya governor Patrick Njoroge.

A meeting between the IMF team and officials from the National Treasury is also top on the list.

This comes even as Njoroge insists that Kenya needa more funding due to its increased financing needs despite the KSh 283.7 billion deal with IMF.

“We do have a programme with the IMF, and there was a certain financing need programmed in. What has happened is that the financing need has increased

“We need to see how that gap can be filled within the program, and those are options we are discussing with the IMF teams,” Njoroge said.

So far, Kenya has received KSh 146.4 billion from IMF to support its financing needs.

As earlier reported, IMF supported Kenya’s decision to tax cooking gas and bank loan fees.

IMF argued that taxing the essential good and service has helped the country to raise additional cash resulting to price reduction for fuel and fertiliser.

Goodman further noted that the new taxation has bore fruit saying its latest review of the economy have resulted in strong tax collections.

“Kenya’s fiscal position has been underpinned by strong tax revenue performance this year, buoyed by a robust economic recovery and the important tax policy measures already undertaken as part of multi-year plan to reduce debt-related vulnerabilities,” Goodman said.

The taxation measures include 16 percent levy on cooking gas and raising of excise duty on airtime and data to 20 percent from 15 percent.