With the June deadline for Kenya's first Eurobond repayment looming, all eyes are on the International Monetary Fund (IMF) set to convene on Wednesday to finalize the sixth review of its program with the country and greenlight a crucial Sh109 billion ($682.3 million) disbursement.

This financial injection, including new resources under the extended fund facilities (ECF) and the resilience sustainability facility (RSF), would bring the IMF's total support to Kenya to a substantial Sh427 billion ($2.68 billion). But it's not just about numbers; it's about breathing room.

Fresh funds from the IMF are seen as a lifeline for Kenya to navigate the Eurobond hurdle, a daunting prospect especially with international capital markets proving difficult to access.

The Sh319 billion ($2 billion) debt hangs heavy, casting a shadow over economic stability.

"Uncertainty looms over Kenya's effective access to international bond markets," declared Haimanot Teferra, leader of the IMF team that visited Nairobi in November.

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This, he noted, "exerts substantial pressure on liquidity" and fuels concerns about Kenya's ability to meet the repayment deadline.

However, the IMF recognizes Kenya's resilience and its commitment to its IMF-backed economic program, aiming to tighten fiscal stance and achieve a 55 per cent present value debt-to-GDP ratio by 2029.

This commitment, coupled with the potential influx of IMF funds, offers a glimmer of hope in navigating the turbulent financial waters ahead.

Beyond immediate concerns, the IMF's Article IV consultations during Wednesday's meeting will delve deeper into Kenya's economic health, providing a broader assessment of its vulnerabilities and potential future challenges.

This proactive approach serves as a roadmap for both Kenya and the IMF, ensuring informed decisions and sustained economic stability.

As Kenya braces for the Eurobond test, the IMF's Sh109 billion lifeline, combined with its ongoing economic guidance, could prove the pivotal factor in steering the country towards calmer financial waters.

Wednesday's meeting, therefore, carries the weight of not just immediate liquidity needs but also long-term economic health.