Kenya and the International Monetary Fund will discuss a new lending programme for the East African nation, as both sides agreed to abandon a ninth review of the current $3.6 billion loan. Kenya needs continued support to keep its economy on track after its debt-servicing costs surged due to a borrowing spree over the past decade.

The International Monetary Fund has received a formal request for a new programme from the 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,

Kenya requested a new funding program from the International Monetary Fund after agreeing not to proceed with a final review of an existing facility that would have unlocked $800 million.

Kenya and the International Monetary Fund will discuss a new lending programme for the East African nation, as both sides agreed to abandon a ninth review of the current $3.6 billion loan. Kenya needs continued support to keep its economy on track after its debt-servicing costs surged due to a borrowing spree over the past decade.