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Funding issuanceKenyaDeveloping story

Kenya says it is in talks with World Bank and AfDB for budget support; IMF programme not yet scheduled

On 16 October 2026 Central Bank Governor Kamau Thugge said Kenya is negotiating fresh external financing with the World Bank and African Development Bank, including a possible World Bank Development Policy Operation, with funds expected by June 2027; he said a successor IMF programme had no confirmed start date and was not in current planning.

MSA Market DeskEvent 16 October 2026Reviewed 2 min read

The desk brief

On 16 October 2026 Central Bank Governor Kamau Thugge said Kenya is negotiating fresh external financing with the World Bank and African Development Bank, including a possible World Bank Development Policy Operation, with funds expected by June 2027; he said a successor IMF programme had no confirmed start date and was not in current planning.

If completed, concessional multilateral budget support would reduce Kenyas reliance on domestic borrowing, easing local market pressure and potentially lowering short-term sovereign issuance needs. Absent a confirmed IMF programme, the government may still face higher domestic financing and rollover risk; external disbursements arriving by June 2027 would be conditional on lender approvals and policy reforms, so timing and scale remain uncertain.

IMF Article IV mission to Nairobi expected in December 2026 (possible follow-up talks on a successor programme).

Sources & verification

Developing story

Developing story supported by 2 independent public publishers; further confirmation is being sought.

Public references supporting this brief.

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Price Discovery

Kenya sovereign curve

Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.

11 priced bonds
10.61%9.38%8.14%6.91%5.67%20272032203720422048Kenya 27 · May 2027 · 6.327%Kenya 28 · Feb 2028 · 6.750%Kenya 31 · Feb 2031 · 7.923%Kenya 32 · May 2032 · 8.621%Kenya 33 · Oct 2033 · 8.822%Kenya 34 Jan · Jan 2034 · 9.001%Kenya 34 Feb · Feb 2034 · 9.405%Kenya 36 · Mar 2036 · 9.607%Kenya 38 · Oct 2038 · 9.959%Kenya 39 · Feb 2039 · 9.946%Kenya 48 · Feb 2048 · 9.686%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Kenya 27May 2027100.3756.327%
  • Kenya 28Feb 2028100.6256.750%
  • Kenya 31Feb 2031105.1887.923%
  • Kenya 32May 203297.6888.621%
  • Kenya 33Oct 203395.6888.822%
  • Kenya 34 JanJan 203485.8139.001%
  • Kenya 34 FebFeb 203492.8139.405%
  • Kenya 36Mar 203699.3759.607%
  • Kenya 38Oct 203892.3759.959%
  • Kenya 39Feb 203991.6259.946%
  • Kenya 48Feb 204887.1259.686%

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