IMF stopped Kenya’s access to $1.5 bln standby credit after review delay

The International Monetary Fund stopped Kenya’s access to a $1.5 billion standby credit facility last June after they failed to agree with the government on a reduction of the fiscal deficit and a delayed review due to a prolonged election, the fund said on Tuesday.

“The programme has not been discontinued but access was lost in mid-June because a review had not been completed,” Jan Mikkelsen the IMF resident representative in Kenya told Reuters.

“There was no agreement on the fiscal adjustment at the time and then I do believe the lengthy election period made it difficult to have a review and complete that in the period that followed.”