{"id":111171,"date":"2024-01-18T20:17:47","date_gmt":"2024-01-18T20:17:47","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan"},"modified":"2024-01-18T21:03:51","modified_gmt":"2024-01-18T21:03:51","slug":"imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan","title":{"rendered":"IMF worried over Kenya’s revenue deficit as it clears Sh110bn loan"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Kenya’s tax drive is unlikely to ease soon after the International Monetary Fund raised concern over the country\u2019s revenue shortfall.<\/p>\n

The concern comes at a time the country is set to receive yet another loan disbursement from the lender, worth Sh110 billion.<\/p>\n

The approval comes after IMF’s executive board increased Kenya’s Special Drawing Rights access by $941.2 million (Sh151.5 billion), upon completion of the sixth review of the country\u2019s funding programme on Wednesday.<\/p>\n

It is the third and largest augmentation of the ongoing programme under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF).<\/p>\n

The board\u2019s decision allows for the immediate disbursement of $624.5 million (Sh100.5 billion) under the EFF\/ECF arrangements, which includes an augmentation of access of $310.6 million (Sh50 billion).<\/p>\n

\u201cThis brings total disbursements to Kenya under the EFF\/ECF arrangements to $2.6 billion (Sh418.6 billion),\u201d the lender said in a statement.<\/p>\n

\u201cThe decision also allows for an immediate disbursement of $60.2 million (Sh9.7 billion) under the Resilience and Sustainability Facility (RSF) arrangement.\u201d<\/p>\n

The move to augment the country\u2019s SDR access points towards fiscal consolidation measures, according to the lender.<\/p>\n

SDR refers to an international reserve asset created by the IMF to supplement the official reserves of its member countries.<\/p>\n

It not being a currency, it is a potential claim on the freely usable currencies of IMF members, also intended to provide a country with liquidity.<\/p>\n

In completing the reviews, the board also approved modification of program conditions, waivers of non-observance of the continuous performance criterion, no new accumulation of external arrears, and the end-June 2023 and end-December 2023 tax revenue targets.<\/p>\n

It considered the corrective actions taken by the government, and waiver of applicability for all other end-December 2023 performance criteria.<\/p>\n

It has granted Kenya a waiver for missing the December 2023 tax revenue target as per the programme target.<\/p>\n

Directors expressed concern over the shortfalls in tax revenue collection, for instance the Q1 2023\/24 target that was missed by Sh79 billion.<\/p>\n

They called for urgent implementation of corrective measures, including timely adoption of measures in the Medium-Term Revenue Strategy 2024\/25 \u2013 2026\/27.<\/p>\n

They expressed satisfaction with the recent monetary policy tightening to contain inflation and safeguard external sustainability, saying actions towards greater exchange rate flexibility are important.<\/p>\n

\u201cWe further call for continued institutional and technical reforms targeted at improving the functioning, deepening, and transparency of the FX market,\u201d the directors noted.<\/p>\n

Antoinette Sayeh, the deputy managing director and acting chair, said the authorities\u2019 commitment to fiscal consolidation while protecting essential social and developmental spending should support efforts to bring down the debt burden toward the new debt anchor of 55 per cent of GDP in present value terms by 2029.<\/p>\n

Recent fundings from the IMF have triggered public outrage on account of rising taxes in the country for purposes of debt servicing and further, preventing the state from opting expensive external loans.<\/p>\n

IMF however says Kenya\u2019s growth has remained resilient in the face of increasing external and domestic challenges with the help of the EFF\/ECF and RSF arrangements.<\/p>\n

\u201cThese funds continue to support the authorities\u2019 efforts to sustain macroeconomic stability, strengthen policy frameworks, withstand external shocks, push forward key reforms, and promote more inclusive and green growth,\u201d it said.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Kenya’s tax drive is unlikely to ease soon after the International Monetary Fund raised concern over the country\u2019s revenue shortfall. The concern comes at a time the country is set to receive yet another loan disbursement from the lender, worth Sh110 billion. The approval comes after IMF’s executive board increased Kenya’s Special […]<\/p>\n","protected":false},"author":84,"featured_media":111170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12,7204],"tags":[6857,7003,544],"class_list":["post-111171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","category-to-homepage","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nIMF worried over Kenya's revenue deficit as it clears Sh110bn loan - kenya<\/title>\n<meta name=\"description\" content=\"Kenya's tax drive is unlikely to ease soon after the International Monetary Fund raised concern over the country\u2019s reven ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF worried over Kenya's revenue deficit as it clears Sh110bn loan\" \/>\n<meta property=\"og:description\" content=\"Kenya's tax drive is unlikely to ease soon after the International Monetary Fund raised concern over the country\u2019s reven ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-18T20:17:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-18T21:03:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/01\/sm_1705598687.750577.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF worried over Kenya’s revenue deficit as it clears Sh110bn loan\",\"datePublished\":\"2024-01-18T20:17:47+00:00\",\"dateModified\":\"2024-01-18T21:03:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan\"},\"wordCount\":555,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/01\/sm_1705598687.750577.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"head lines\",\"policy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/imf-worried-over-kenyas-revenue-deficit-as-it-clears-sh110bn-loan\",\"name\":\"IMF worried over Kenya's revenue deficit as it clears Sh110bn loan - 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