JUST IN: Kenya Races for New IMF Loan as Debt-to-GDP Ratio Hits 65.7% 

  Kenya and the International Monetary Fund (IMF) have agreed to begin formal talks on a new lending program, scrapping the ninth review of the current $3.6 billion loan agreement. The government is seeking continued financial support to stabilize the economy after rising debt-servicing costs strained its finances following years of heavy borrowing. “The Kenyan authorities and IMF staff have reached an understanding that the ninth review under the current Extended Fund Facility and Extended Credit Facility programs will not proceed,” IMF Mission Chief Haimanot Teferra said in a statement following a visit to Nairobi. Teferra also confirmed that the IMF has received a formal request from Kenya
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