Editor's Review

IMF announced that it had agreed with the government to end the review of the current funding programme.

The International Monetary Fund (IMF) has revealed that the Kenyan government has made a request for a new programme. 

In a statement dated Monday, March 17, it was noted that the request was made during a recent visit by an IMF team to Kenya.

The global financial body added that there would be an engagement with President William Ruto's administration on the new request. 

Meanwhile, the IMF announced that it had agreed with the government to end the current funding programme.

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File image of IMF offices.

"The Kenyan authorities and IMF staff have reached an understanding that the ninth review under the current Extended Fund Facility and Extended Credit Facility programs will not proceed," read the statement in part.

"The IMF has received a formal request for a new program from the Kenyan authorities and will engage with them going forward."

Kenya has been one of the biggest beneficiaries of IMF programmes in recent years.

The funding has been used to complement resources collected through taxes aimed at financing various government programmes in the budget. 

On the other hand, the IMF has been critical in helping the government implement various reforms in its institutions.

For instance, the financial institution is expected to conduct a governance diagnostic assessment of government institutions in the coming months.