KENYA’S FINANCIAL STANDING COULD SUFFER IF IMF RENEWAL FAILS Pic :Photo Courtesy

IMF team warns MP’s of Kenya’s growing debt (Video)

The international monetary fund has warned that Kenya is drifting towards debt crisis if the government’s appetite for new loans is not checked. The IMF mission to Kenya told the national assembly’s budget and appropriation committee that Kenya debt is approaching unsustainable levels. The IMF team also asked MPs to repeal the law capping interest rates saying its impact has negatively affected borrowing to private sector and the small and medium enterprises. Last year, parliament approved a law that capped interest charged on loans at no more than four per cent of central bank rate.

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Published on Feb 22, 2018