MARRAKECH, Morocco (Reuters) – The International Monetary Fund will do “whatever possible” to support Kenya, its African Department Director Abebe Selassie said on Friday, as Fund staff were due to visit the East African country next week.
Kenya’s central bank governor told Reuters this week that the country was discussing with the IMF “augmentation” of its loan programme, potentially by asking the Fund for “exceptional access”. Kamau Thugge also said Kenya was planning to buy back up to a quarter of its $2 billion 2024 international bond after it secures new loans.
If it were granted “exceptional access” Kenya could ask for more than its limit of IMF funding.
“We’re very encouraged that the (Kenyan) government is very proactively working … (on) a number of options to address the maturities that they have falling due next year,” Selassie told a news conference in Marrakech at the IMF and World Bank Annual Meetings.
“For countries that continue to implement policies as envisaged, that are moving policies in the right direction, we do what we can to provide them with the financing they need.”
(Reporting by Rachel Savage; Writing by Tannur Anders and Bhargav Acharya; Editing by Alexander Winning)