© Reuters. FILE PHOTO: The International Monetary Fund (IMF) logodesign is seen outdoors the headoffice structure in Washington, U.S., September 4,2018 REUTERS/Yuri Gripas/File Photo
By Duncan Miriri and George Obulutsa
NAIROBI (Reuters) -The International Monetary Fund has concurred to boost Kenya’s financing program by $650 million, the Kenyan president’s chief financial consultant stated on Tuesday.
Sovereign financialobligation financiers are paying close attention to the East African country due to a $2 billion Eurobond that is developing next June, amidst relentless weakpoint in its foreign exchange rate that is weighing on Kenya’s difficult currency reserves.
“As of now the 2024 Eurobond is completely moneyed. The refinancing is completely moneyed,” David Ndii, the consultant, informed an financial onlineforum hosted by a regional business bank.
“It (IMF) can enhance our program as of now up to $650 million, that they have concurred to do,” Ndii stated.
The federalgovernment strategies to buy back up to a quarter of the b