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The International Monetary Fund (IMF) and the Kenyan government have moved a step closer to agreeing on a new stand-by credit facility after the multilateral lender backed the government’s Sh161 billion budget cuts.
Cutting the wide budget deficit has been one of the conditions the Bretton Woods institution has placed on Kenya before it signs off on a new precautionary facility that works as an insurance against shocks hitting the economy.
Kenya is keen to secure a new stand-by credit agreement with the IMF after the previous one expired in 2018.
