Dollar bonds on Kenya rose by over 2-3 points yesterday after the IMF reached a staff-level agreement to release $433mn of funding for the nation. Once IMF’s review is formally completed, and approved, the IMF would provide $1.55bn in order for Kenya to “cover external financing needs resulting from drought and challenging global financing conditions. This is part of a $2.34bn 38-month IMF program approved in April 2021. Due to droughts, food insecurity has troubled the nation alongside the broader rise in inflation across the globe.

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