Kenya’s talks with the International Monetary Fund (IMF) for the renewal of a $1.5 billion standby credit facility has collapsed.
This follows the exit of Treasury’s two senior-most officials in an anti-corruption purge, leaving the country exposed to economic shocks.
The East African has learnt that an IMF delegation expected in Nairobi in July cancelled the visit after Treasury Secretary Henry Rotich and his Principal Secretary Kamau Thugge were charged with corruption offences.
Collapse of the talks left undecided the renewal of the standby credit facility intended to cushion the Kenyan shilling, which last week depreciated to a four-month low against the US dollar.
