Kenya’s President William Ruto has said the government was poised to privatise 35 state companies and was looking at a further 100 firms after enacting a revised law last month.

Meanwhile The International Monetary Fund (IMF) has said this month that it has agreed to a $938m loan for Kenya, which also has a $2bn Eurobond repayment due next year.

The IMF also urged Ruto’s government to reform public sector firms, particularly the national electricity supplier Kenya Power and the national carrier Kenya Airways, which suffered record losses in 2022.

According to the country’s National Treasury figures, Kenya has accumulated more than 10.1 trillion shillings ($66bn) in debt by the end of June.