💨 Abstract

Kenya is set to abandon its current International Monetary Fund (IMF) lending program due to high debt-servicing costs, and is seeking a new one. The East African nation needs continued financial support to manage its debt repayments, which have increased due to government spending. The IMF has received a formal request for a new program, but details are yet to be disclosed. The current program, worth $3.6 billion, is due to expire next month.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖