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IMF to engage with Kenya on $1.5 billion credit facility

Staff Writer | December 11, 2017
The International Monetary Fund (IMF) will hold talks with Kenya on the future of its $1.5 billion standby credit facility that is set to expire in March, the fund's representative in Nairobi said.
Africa   The East African nation
Kenya secured the facility three years ago as an extra cushion in case of unforeseen shocks to the economy. It has not yet tapped the credit facility.

The non-agricultural sectors were the ones that were most hurt by the political uncertainty in the second half of the year, said the IMF official, without giving more details.

Private sector credit grew 2.0 percent in the year to October from 1.7 percent in the previous month, the central bank said. The growth of credit has been curbed by a government cap on commercial lending rates imposed last year.