Kenya will delay drawing $1.5 billion from a UAE loan to fit its fiscal strategy, according to Finance Minister John Mbadi. The country is also in discussions with the IMF for new funding as it aims to manage a rising debt load effectively. Mbadi emphasized planning around the budget gap before utilizing the UAE funds.
Kenya will postpone accessing a $1.5 billion loan from the United Arab Emirates (UAE) to align it with its fiscal plans for the current financial year, according to Finance Minister John Mbadi. Amid rising debt service costs and a recent borrowing spree, the East African nation aims to stabilize its financing while negotiating a new lending program with the International Monetary Fund (IMF) before the expiration of the current program in April.
In summary, Kenya is strategically managing its finances by delaying the utilization of the UAE loan to better fit its budgetary framework. The government is also engaged in negotiations for new IMF financing while taking steps to handle its existing debt obligations more effectively. Overall, careful fiscal planning remains crucial to maintain economic stability in the country.
Original Source: eastleighvoice.co.ke
