NAIROBI (Reuters) -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, IMF said in a statement.
The IMF did not specify the kind of programme Kenya was seeking. Finance Minister John Mbadi told Reuters last month that it would be a financing programme.
The East African economy needs continued help from the lender to keep its economy on track after its debt-servicing costs surged due to a borrowing spree over the past decade.
The government has been scrambling for new financing after deadly protests last year forced it to abandon a plan to raise extra revenue via tax hikes.
(Reporting by George Obulutsa and Duncan Miriri; Editing by Jamie Freed)
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