According to Treasury chief John Mbadi, the international lender wants securitized loans to fund infrastructure projects classified as sovereign debt. Nairobi objects
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00:01Talks between Kenya and the International Monetary Fund for a new lending program are at a stalemate.
00:07The country's finance minister said Tuesday,
00:10John Mbadi told a news briefing that the disagreement was over the classification of debt.
00:16According to Mbadi, the international lender wants securitized loans to fund infrastructure projects classified as sovereign debt, Nairobi objects.
00:25Mbadi said that further talks will be held to reach an agreement without specifying when.
00:31Nairobi has sought a new bailout from the IMF after the expiry of the previous $3.6 billion deal in April.
00:39In October, the country managed to reprofile its $5 billion loan acquired from China to build a modern railway to Yuan,
00:48thereby saving the Treasury millions in interest payments.
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