Kenya requested a new funding program from the International Monetary Fund after agreeing not to proceed with a final review of an existing facility that would have unlocked $800 million.

NAIROBI - Kenya and the International Monetary Fund will discuss a new lending programme and abandon the current one, as the country struggles to get its economy back on track after a borrowing spree led to a surge in debt-servicing costs.

The International Monetary Fund has received a formal request for a new programme from Kenyan authorities and will engage with them going forward, it said on Monday. A ninth review under its current extended fund facility and extended credit facility programmes will not proceed,

Kenya and the IMF are discussing a new lending program after halting the current $3.6 billion loan review. The country needs continued support amidst high debt-servicing costs. A formal request for a new program has been made,

Kenya has agreed with the IMF to cancel the 9th review under the current EFF and ECF programmes, with plans to engage in discussions for a new programme.

Kenya and the International Monetary Fund will discuss a new lending programme for the East African nation, as both sides agreed to abandon a ninth review of the current $3.6 billion loan. Kenya needs continued support to keep its economy on track after its debt-servicing costs surged due to a borrowing spree over the past decade.