Nairobi — Kenya's latest Eurobond issuance has drawn scrutiny after its prospectus appeared to contradict official records regarding the country's engagement with the International Monetary Fund (IMF).

The National Treasury recently issued Sh197.2 billion ($1.5 billion) in dual-tranche amortising notes, $750 million at 7.875 percent due 2033 and $750 million at 8.80 percent due 2038, listed on the London Stock Exchange.

However, sections of the bond document have puzzled analysts after it claimed that the ninth review of Kenya's Extended Credit Facility (ECF) and Extended Fund Facility (EFF) with the IMF was concluded on July 10, 2025, resulting in a $976 million disbursement.

"The 9th Review of Kenya's ECF/EFF program with the IMF was concluded on July 10th, 2025, yielding a US$976.0M disbursement," the prospectus stated.

The document further noted that cumulative disbursements under the IMF-supported program stood at $3.8 billion.

This directly conflicts with IMF records, which show that the ninth review was terminated in March 2025 by mutual agreement between the Fund and the Kenyan authorities. The IMF confirmed then