Government starts dollar bond sale after IMF says access to credit facility blocked

Kenya began a dollar bond sale today that analysts said could reach USD$3 billion, hours after the International Monetary Fund said the country cannot currently access its USD$1.5 billion standby credit facility because conditions have not been met.

Clarifying comments made by its representative in Kenya, Jan Mikkelsen, a day earlier, the IMF said the credit facility would remain in place until March 31 but that access was “subject to policy understandings to complete the outstanding reviews”.