Treasury to tap Central Bank’s IMF dollar reserves for budget

The Treasury will borrow up to Sh41.8 billion from the dollar reserves the Central Bank of Kenya (CBK) received from the International Monetary Fund (IMF) in form of special drawing rights (SDR) in August.

The government told the IMF that it wants to utilise part of the funds locally and would borrow half of the SDR allocation from the CBK in local currency, which it will repay in 30 years.