• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Kenyan Leader’s Economic Adviser Cautions Against More IMF Aid

12 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
44
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Kenyan Leader’s Economic Adviser Cautions Against More IMF Aid

Kenya’s economy is on the mend and the country is unlikely to need further assistance from the International Monetary Fund, according to the head of President William Ruto’s economic council.

Kenya signed a four-year, $3.6 billion financing deal with the IMF amid the Covid-19 pandemic in 2021. That program expires in April and both Kenya’s Treasury and an IMF head of mission in the country have confirmed that talks about a new one have begun.

But David Ndii, the chairman of the Ruto’s Council of Economic Advisors, said more aid would come with heavy costs and create uncertainty for Kenya.

“We would like to get out of an IMF program,” he said at a forum hosted by Nairobi-based bank NCBA Group. “We’ve turned the corner, the global financial shocks are receding, we’re beginning to grapple with our fiscal shocks.”

Authorities in the East African nation have tilted toward concessional borrowing in recent years as high global interest rates raised the cost of raising debt on international markets. Earlier this year, Kenya successfully refinanced a maturing $2 billion eurobond that some investors had expected it to default on — albeit at a relatively high 9.75% coupon.

“We’ve reached that fork of the road where we have to decide whether we get stuck in concessional financing, or whether we should go where middle-income countries are, which is the market,” Ndii said. “We’re a frontier market. Should we be looking to go to an emerging market and be subject to market discipline?”

RelatedPosts

Policy Inconsistencies, Underinvestment Undermining Ghana’s Oil Revenue Growth – Prof Lord Mensah

GSE Composite Index Declines as Market Capitalisation Falls to GH¢168.02bn

European Football’s Power Shift: The Rise of the EFC

He called for a paradigm shift within Kenya’s government and in its relationship with bilateral lenders, and for the country to improve its sovereign ratings and credit worthiness.

All three major ratings companies have downgraded their assessment of Kenya’s debt deeper into junk territory as it became apparent the government would fail to hit its revenue targets.

While Kenya’s prevailing IMF program requires it to step up tax collection, the government has had to walk back on its plans to introduce new levies after violent street protests.

“It was not the tax regime we would have chosen for ourselves,” Ndii said. “Having an IMF program compounds the problem because you’re trying to meet the structural benchmarks to enable the IMF to go to the board and disburse the next tranche” of funding,” which precipitated the crisis over the new tax measures, he said.

Source: bloomberg
Tags: IMFKenyan Leader’s Economic AdviserKenyan Leader’s Economic Adviser Cautions Against More IMF Aid

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Atlantic Lithium Discovers New High-Grade Spodumene Pegmatite Occurrences in Côte d’Ivoire

UEFA Champions League Matchday 3: Key stats and what to look out for in every game

GPL: Gold Stars ends Heart of Lions’ Unbeaten run as Karela hold Eleven Wonders in Swedru

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

Trending

Business

Policy Inconsistencies, Underinvestment Undermining Ghana’s Oil Revenue Growth – Prof Lord Mensah

October 21, 2025

Policy Inconsistencies, Underinvestment Undermining Ghana’s Oil Revenue Growth - Prof Lord Mensah Financial Economist and Head of...

GSE Composite Index Declines as Market Capitalisation Falls to GH¢168.02bn

October 21, 2025

European Football’s Power Shift: The Rise of the EFC

October 21, 2025

Atlantic Lithium Discovers New High-Grade Spodumene Pegmatite Occurrences in Côte d’Ivoire

October 21, 2025

UEFA Champions League Matchday 3: Key stats and what to look out for in every game

October 21, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.