EXPERTS KENYA IMF staff agree to expand credit for cash-strapped Kenya by $1 bn 5 days ago Iwo Bulski Post Views: 44 The International Monetary Fund said it has reached a staff-level agreement with Kenya that would provide the cash-strapped government with access to another $1 billion in credit. Kenya is labouring under a public debt mountain of $70 billion but its loan repayments have jumped as the local shilling slumped to all-time lows against the dollar.In a bid to ease the pressure on its finances, the government of President William Ruto has drawn up a 3.6-trillion-shilling ($26.2 billion) budget for 2023/24 with proposed new taxes expected to generate 289 billion shillings. The IMF deal, which is subject to approval by its board in July, follows a mission by a team from the international lender to the country earlier this month.The IMF said in a statement issued on Tuesday that its total commitments to Kenya would increase to $3.52 billion from $2.43 billion previously agreed in April 2021. If approved in July, Kenya would have immediate access to $410 million, it said. Kenya has been grappling with a cost-of-living crisis, a punishing drought and the decline in the value of the shilling, and saw economic growth slow to 4.8 percent last year from 7.6 percent in 2021. The government budget has been under pressure from shortfalls in revenue collection and challenging financing conditions, the IMF said. The agency urged the government to reform state-owned enterprises such as loss-making national carrier Kenya Airways and utility company Kenya Power. Ruto’s government is aiming to reduce its budget deficit in part by introducing taxes on a range of goods including beauty products, gambling and various foodstuffs and fuel, measures criticised by the opposition for punishing ordinary Kenyans. While the IMF said it had a favourable medium-term outlook for the Kenyan economy, significant challenges remain against the backdrop of slow global economic growth and tight financial conditions. Source: modernghana.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: International Monetary Fund, Kenya Continue Reading Previous dLocal secures payment service licence for Kenya and RwandaNext Nicky Bigfish unveiled as the latest 22Bet brand ambassador More Stories EXPERTS WORLD NEWS How has the gaming industry changed in 2023? 12 hours ago Iwo Bulski EXPERTS UGANDA Online gambling firms accused of exploiting lucrative African markets 15 hours ago Samuel BETTING KENYA Betting firms warn proposed tax will drive up black market 4 days ago Szarlot BETTING KENYA Nicky Bigfish unveiled as the latest 22Bet brand ambassador 4 days ago Szarlot EXPERTS RWANDA dLocal secures payment service licence for Kenya and Rwanda 6 days ago Szarlot EXPERTS ZIMBABWE African Betting Success Stories 6 days ago Szarlot EXPERTS KENYA Media Council of Kenya raises concern over rise in gambling ads 6 days ago Samuel EXPERTS KENYA KRA targets record Sh16bn in betting taxes as experts see field of landmines 7 days ago Szarlot EXPERTS SOUTH AFRICA Johannesburg Police Shutdown Illegal Online Gambling Shop in Randburg 7 days ago Szarlot EXPERTS WORLD NEWS SPiCE Series – Bridging iGaming Across Asia 1 week ago Iwo Bulski BETTING KENYA How Ronald Karauri Turned SportPesa Into A Betting Giant 1 week ago Szarlot EXPERTS KENYA Exploring the Pros & Cons of Gambling In Kenya 2 weeks ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.