NAIROBI, March 17 (Xinhua) -- Kenya and the International Monetary Fund (IMF) have resolved to begin formal talks on a new lending program, and the IMF will engage with the Kenyan authorities going forward, according to a statement issued on Monday.
Led by Mission Chief Haimanot Teferra, an IMF team visited Kenya from March 6 to 14 and reached an understanding with Kenyan authorities that the ninth review under the current Extended Fund Facility and Extended Credit Facility programs will not proceed.
"The IMF has received a formal request for a new program from the Kenyan authorities and will engage with them going forward," Teferra said after the conclusion of the visit.
During the visit, Teferra said the IMF engaged with the Kenyan authorities on recent developments and the macroeconomic outlook.
The IMF has projected that Kenya's economy will grow by 5 percent in 2025, while the country's National Treasury has expected a growth rate of 5.5 percent. ■
