CBK to discuss new funding program with IMF in Washington DC
NAIROBI, Kenya, Oct 8 - The Central Bank of Kenya (CBK) will hold further talks with the International Monetary Fund (IMF) to discuss a new funding Kenya breaking news | Kenya news today |..
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The Central Bank of Kenya (CBK) will hold further discussions with the International Monetary Fund (IMF) in Washington DC next week regarding a new funding package. This follows a two-week visit by an IMF delegation to Nairobi.
Governor Kamau Thugge confirmed the talks will aim to reach an agreement on a funded program as soon as possible.
The IMF visit, led by Mission Chief for Kenya Haimanot Teffera, was in response to Kenya's request for a new Fund-supported arrangement.
CBK is seeking new IMF backing after the collapse of the $3.6 billion Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programs, valued at approximately $800 million, due to Kenya's failure to meet revenue collection and deficit reduction conditions.
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CBK Cuts Lending Rate to 9.25%, Discusses IMF Funding as KRA Collects Record Sh85.2bn - October 2025
The Central Bank of Kenya (CBK) has reduced its benchmark lending rate by 25 basis points to 9.25 percent from 9.5 percent. This move, marking the eighth consecutive rate cut, aims to boost private sector lending and economic growth. In parallel, the CBK will hold further discussions with the International Monetary Fund (IMF) in Washington DC next week regarding a new funding package. This follows a two-week visit to Nairobi by an IMF delegation. These financial developments coincide with the Kenya Revenue Authority (KRA) collecting a record Sh85.2 billion in customs revenue in September. The collection, which surpassed the agency's monthly target, was driven by higher petroleum and trade taxes.
