The National Treasury and the Central Bank of Kenya (CBK) remain uncertain about when to expect a new International Monetary Fund (IMF) programme, even as the government looks for means to fill budget shortfalls.
CBK Governor Kamau Thugge told Bloomberg on Thursday, October 15, that the government is uncertain about when the next programme will be reached.
According to Thugge, the start date would depend on whether Kenya and the IMF agree on the programme's structure and economic priorities.
“We have to see their thinking, our thinking, and what the programme would look like, all those would be determinants of when the programme can start,” Thugge told Bloomberg.
Treasury CS John Mbadi (centre) with PPP Directorate boss Kefa Seda (left) during the 28th Ministerial Meeting of the Horn of Africa Initiative, held on the sidelines of the 2026 IMF/World Bank Spring Meetings in Washington, D.C., on April 15.
Photo
Treasury
Kenya is seeking a new lending arrangement after its previous $3.6 billion (about Ksh467 billion) programme that ended in April 2025.
The government requested a successor programme in March 2025 after abandoning the ninth review of the previous arrangement.
Kenya and the IMF held further discussions during IMF missions to Nairobi in September and October 2025 and February and March 2026 but did not reach an agreement on a new programme.
The latest uncertainty comes as the Treasury expects an IMF mission to visit Nairobi in early December for Article IV consultations.
The visit will assess the country's economic performance and policies but will not automatically result in approval of a new loan.
Already, public debt is expected to grow by approximately Ksh1.145 trillion, about 5.5 per cent of GDP, in the 2026/2027 financial year and by Ksh1.3529 trillion, around 5.9 per cent of GDP, in 2027/2028.
Already, the government has begun looking for alternatives, with a Ksh127 billion additional financing package from the World Bank and the African Development Bank (AfDB) to support its budget.
The proposed package comprises about Ksh94 billion from the World Bank and approximately Ksh34 billion from the AfDB.
Treasury Public Debt Management Director General Raphael Owino said the World Bank financing would be pursued through a Development Policy Operation, with discussions focusing on reforms required to secure the funds.
Treasury CS John Mbadi, Treasury PS Chris Kiptoo, and Governor Thugge are all in Bangkok, Thailand, for the IMF and World Bank Annual Meetings.
Treasury CS John Mbadi (centre), CBK Governor Kamau Thugge (left) and Treasury PS Chris Kiptoo (right) during bilateral talks with the World Bank’s Regional Vice President for Eastern and Southern Africa, Dr Ndiamé Diop, in Bangkok, Thailand on October 13, 2026.
Photo
Treasury