The Kenyan government has promised the International Monetary Fund (IMF) a repeal of the interest rate capping law, leaving consumers in a cloud of uncertainty over the future cost of loans.
The IMF said in a statement released after a three-week visit to Nairobi that Kenya has committed to reforming the law, and to cut the fiscal deficit in order to secure a six month extension of the Sh150 billion ($1.5 billion) standby facility that expires next Tuesday.
