IMF hits out at Ruto for continuing Uhuru fuel subsidy
International Monetary Fund (IMF) criticises Ruto government over the re-introduction of the fuel subsidy programme
International Monetary Fund (IMF) criticises Ruto government over the re-introduction of the fuel subsidy programme.
The International Monetary Fund (IMF) has hit out at Kenya over the re-introduction of the fuel subsidy scheme on grounds that lack of funds to pay oil marketers will lead to distortion of the budget.
The IMF said that the government re-introduced the subsidy despite lack of funds to pay oil marketers with the Treasury yet to pay the firms at least Sh9 billion that has accumulated from last year.
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President William Ruto had in 2022 vowed that his administration would not subsidize pump prices, in line with the conditions to access billions of shillings in loans from the Bretton Woods institution.
Kenyans pay Sh2.2bn extra cost on fuel subsidy Ruto now cuts subsidies to zero.
A litre of petrol and diesel retailed at Sh217.36 and Sh205.47 respectively in Nairobi in the pump prices announced on October 15 last year as the subsidy prevented prices from shooting to Sh220.43 and Sh217.11 respectively.
The re-introduction of fuel subsidy hasn’t sat well with the IMF, given that its removal was one of the fresh conditions set by the financier as part of a 38-month budget support scheme.
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