by Amruth Sundarkumar | Dec 20, 2022 | Sovereign Bonds, Sovereigns
Kenya is set to receive $447mn from the IMF to help boost its finances and reserves. With this, cumulative disbursements to Kenya under the IMF’s arrangements would amount to $2.4bn. The IMF noted that “downside risks predominate in the near term”...
by Amruth Sundarkumar | Dec 15, 2022 | Credit Ratings, Sovereigns
Kenya was downgraded to B from B+ by Fitch upon “persistent twin fiscal and external deficits, relatively high debt, and deteriorating external liquidity, and high external financing costs”. Fitch forecasts the current account deficit (CAD) to be at 5.9%...
by Amruth Sundarkumar | Nov 10, 2022 | Sovereign Bonds, Sovereigns
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...
by Amruth Sundarkumar | Oct 20, 2022 | Sovereign Bonds, Sovereigns
Kenya is seeking to extend its repayment period for $5bn of loans that it had borrowed from China. The funds had been borrowed to build a new railway line, which is part of China’s Belt and Road Initiative and links Nairobi with the Mombasa port. The interest...
by Amruth Sundarkumar | Jun 28, 2022 | Sovereign Bonds, Sovereigns
The IMF board has delayed a $238mn loan to Kenya. While the board did not cite the reason for the delay, Bloomberg reports that the board meeting is only expected in the “coming weeks” to give final approval. The expected loan was part of a $2.34bn extended credit...
