Kenya failed to honour 11 conditions agreed upon with the International Monetary Fund (IMF), including restructuring Kenya Airways and spending of billions of shillings collected from fuel levies, costing the country Sh110 billion ($850.9 million) in funding.
The Treasury opted for a new funding programme from the IMF after the termination of a final review of an existing facility that would have unlocked the Sh110 billion, exposing the country to a budget-financing gap.
