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IMF Warns Kenya About Receiving UAE Loan

9 months ago
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IMF Warns Kenya About Receiving UAE Loan

The IMF’s communications director, Julie Kozack, has advised against a Sh200 billion ($1.5 billion) loan, which Kenya hopes to secure from the UAE, noting that this could expose the East African country to foreign exchange risks.

The director also pointed out that the requested sum exceeds the commercial borrowing cap Sh168 billion ($1.3 billion).

“We assess Kenya to have a high risk of debt distress, any new borrowing should be considered within the context of a comprehensive fiscal strategy to reduce debt vulnerabilities, while also addressing the recent and emerging fiscal challenges,’’ Julie stated.

This assessment is coming a few days after Kenya committed to securing the UAE loan in phases.

National Treasury CS John Mbadi disclosed in October that negotiations are underway with the United Arab Emirates for a $1.5 billion commercial loan with a seven-year term and an interest rate of 8.25 percent.

“This loan is cheaper than the Eurobond we borrowed at 10.7 percent,” Mbadi told a news conference.

He was referring to a $1.5 billion dollar-denominated bond issued in February to partially buy back a piece of a maturing $2 billion Eurobond (Sh258 billion).

Kenya’s National Treasury PS Chris Kiptoo disclosed to journalists that the government intends to split the cash injection in tranches to remain under the IMF’s borrowing limits with the first Sh90 billion likely in January and the remainder to be transferred to Kenyan accounts later.

Kenya and the UAE currently share a budding bi-literal relationship.

In February, both countries signed a comprehensive economic partnership agreement (Cepa), which was intended to help Kenya distribute its products across the Asian market, including the Middle Eastern section.

Additionally, Kenya was among the first African countries to begin a dialogue on bilateral trade deals with the United Arab Emirates in 2022, to bolster its oil market.

Following the announcement of the proposed debt, the Kenyan currency (shilling), which had been increasing in value relative to the US dollar, had a modest decline in late October before retreating to the 129 margin, where it has remained for over two months.

As reported by the Star, the Shilling closed at 129.61 on Wednesday.

Kenya currently has one of Africa’s largest debts to the IMF, with a total IMF credit outstanding of 3,022,009,900.

The East African economic giants ranks 3rd amongst African countries with the highest debts to the International Monetary Fund.

Source: businessinsiderafrica
Via: norvanreports
Tags: IMFIMF Warns Kenya About Receiving UAE LoanUAE Loan

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