Mbadi: Kenya has begun talks with IMF for new lending program

Kenya has already started talks with International Monetary Fund officials to secure a new lending program when the current one expires in April, its finance minister told Reuters on Wednesday.

The East African nation needs continued support from the Washington, DC-based lender to keep its economy on track after its debt-servicing costs surged due to a borrowing spree over the past decade. The government abandoned a plan to raise revenue via tax hikes last year in the wake of deadly protests.