Kenya and the IMF have agreed to halt the ninth review of the $3.6B loan program and discuss a new lending arrangement. With rising debt costs and a 65.7% debt-to-GDP ratio, Kenya seeks fresh financial support to stabilize its economy and manage fiscal challenges.
Kenya and the International Monetary Fund (IMF) have agreed to halt the ninth review of the current $3.6 billion loan program, with plans to discuss a new lending arrangement. The decision comes as Kenya faces rising debt-servicing costs due to extensive borrowing over the past decade.
Haimanot Teferra, the IMF mission chief, confirmed that both parties reached an understanding to abandon the ninth review of the current Extended Fund Facility and Extended Credit Facility programs. The Kenyan government has officially requested a new program to help manage the country’s financial challenges.
Kenya’s economy is under pressure as it struggles to balance growing expenditure with escalating debt repayments. Anti-tax hike protests and disputes over new borrowing from the United Arab Emirates have complicated the implementation of the existing program, which is set to expire next month.
With a debt-to-GDP ratio of 65.7% in June, well above the sustainable threshold of 55%, Kenya is exploring new avenues to secure financing, including enhancing revenue collection. The IMF’s continued support is vital for Kenya as it navigates its fiscal challenges and strives to stabilize its economy.
A suspected act of sabotage caused an oil spill near Oslo, with 50-60 tons leaking from a disused transformer station, Norwegian media reported. Authorities have contained much of the spill, but some oil has reached the Sandvikselva River, prompting ongoing cleanup efforts.
The Council of the EU on Monday approved an extra €3.5 billion (approximately $3.8 billion) in financial support for Ukraine, consisting of non-repayable grants and loans, according to a press release from the European Council.
A large number of countries are prepared to deploy peacekeeping troops to Ukraine if a peace deal with Russia is reached, a spokesperson for British Prime Minister Keir Starmer said. More than 30 nations are expected to join the "coalition of the willing" to support Ukraine.
Germany pledged €300 million in aid for Syrians, focusing on food, healthcare, shelters, and protection. The funds will support those in Syria and refugees in neighboring countries. Foreign Minister Baerbock stressed the need for political inclusion and accountability.
Iranian opposition figure Mehdi Karroubi will be freed on Monday, ending 14 years of house arrest following his protests against the 2009 election results. His political ally, former Prime Minister Mirhossein Mousavi, is also expected to be released in the coming months.
Chinese search engine giant Baidu has launched two updated AI models—Ernie 4.5 and Ernie X1—in a bid to bolster its competitive edge in the artificial intelligence market.
China has defended its recent military exercises near Taiwan as a punitive response to what it calls the island’s president’s continued promotion of separatism.
A suspected act of sabotage caused an oil spill near Oslo, with 50-60 tons leaking from a disused transformer station, Norwegian media reported. Authorities have contained much of the spill, but some oil has reached the Sandvikselva River, prompting ongoing cleanup efforts.
The Council of the EU on Monday approved an extra €3.5 billion (approximately $3.8 billion) in financial support for Ukraine, consisting of non-repayable grants and loans, according to a press release from the European Council.
A large number of countries are prepared to deploy peacekeeping troops to Ukraine if a peace deal with Russia is reached, a spokesperson for British Prime Minister Keir Starmer said. More than 30 nations are expected to join the "coalition of the willing" to support Ukraine.
The inside of a Herculaneum delicate & ancient scroll, unseen for nearly 2,000 years, has been revealed using Artificial Intelligence.
World leaders welcomed the 30-day ceasefire proposal that Ukraine has agreed to, calling it a step toward ending the conflict with Russia.
President Donald Trump has vowed to respond to the European Union's counter-tariffs, escalating tensions over the U.S. steel and aluminum duties that have sparked a trade dispute between the two economic powers.
Regarding the Armenia-Azerbaijan process, we cannot forget the years of occupation, and we will not forget them, President Ilham Aliyev said in his speech at the opening ceremony of the 12th Global Baku Forum.
In Tuesday’s closely watched parliamentary election, Greenland’s pro-business opposition Demokraatit party took a commanding lead after over 90% of the ballots were counted.
China has defended its recent military exercises near Taiwan as a punitive response to what it calls the island’s president’s continued promotion of separatism.
A suspected act of sabotage caused an oil spill near Oslo, with 50-60 tons leaking from a disused transformer station, Norwegian media reported. Authorities have contained much of the spill, but some oil has reached the Sandvikselva River, prompting ongoing cleanup efforts.
The Council of the EU on Monday approved an extra €3.5 billion (approximately $3.8 billion) in financial support for Ukraine, consisting of non-repayable grants and loans, according to a press release from the European Council.
A large number of countries are prepared to deploy peacekeeping troops to Ukraine if a peace deal with Russia is reached, a spokesperson for British Prime Minister Keir Starmer said. More than 30 nations are expected to join the "coalition of the willing" to support Ukraine.
China successfully launched eight satellites into space on Tuesday using a commercial Smart Dragon-3 rocket. The launch took place in waters near Haiyang city, Shandong province. All satellites were placed into their planned orbit, marking the fourth mission for the Smart Dragon-3 rocket.
Chinese search engine giant Baidu has launched two updated AI models—Ernie 4.5 and Ernie X1—in a bid to bolster its competitive edge in the artificial intelligence market.
China has defended its recent military exercises near Taiwan as a punitive response to what it calls the island’s president’s continued promotion of separatism.
A suspected act of sabotage caused an oil spill near Oslo, with 50-60 tons leaking from a disused transformer station, Norwegian media reported. Authorities have contained much of the spill, but some oil has reached the Sandvikselva River, prompting ongoing cleanup efforts.
The Council of the EU on Monday approved an extra €3.5 billion (approximately $3.8 billion) in financial support for Ukraine, consisting of non-repayable grants and loans, according to a press release from the European Council.
A large number of countries are prepared to deploy peacekeeping troops to Ukraine if a peace deal with Russia is reached, a spokesperson for British Prime Minister Keir Starmer said. More than 30 nations are expected to join the "coalition of the willing" to support Ukraine.
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