IMF issues statement after Ruto dismisses Cabinet Secretaries
IMF to assess Kenya’s recent developments including cabinet dismissal and include them in its ongoing program review
IMF to assess Kenya’s recent developments including cabinet dismissal and include them in its ongoing program review
The International Monetary Fund (IMF) on Thursday announced it will embark on assessing the current developments in Kenya.
While addressing the press, the Fund’s spokesperson Julie Kozack stated the IMF will include the assessment report in its ongoing program reviews with the country.
According to Kozack, the ongoing reviews will grant the Fund an opportunity to adjust its fiscal recommendations in favour of Kenya.
The IMF spokesperson disclosed the adjustments will based on the evolving situation in Kenya including the recent demonstrations that led to the withdrawal of the Finance Bill 2024.
“At every program review we do take the opportunity to assess developments and make adjustments considering the evolving circumstances,” Julie Kozack stated in a press briefing.
“And that’s exactly what we’re doing in our active and constructive discussion with the Kenyan authorities,” she added.
The IMF program was expected to provide Ksh124 billion ($976 million) in external funding in fiscal 2025 or about one-third of the government’s budgeted net external financing.
IMF’s statement comes a week after President William Ruto held a phone conversation with the Fund’s chief, Kristalina Georgieva in which the duo discussed several issues regarding the withdrawal of the defunct Finance Bill.
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According to sources privy to the information, Ruto was informed that the withdrawal of the Bill was likely to result in Kenya missing key program targets.
However, there was an agreement among major donors that the IMF needed to show flexibility on program targets.
During the call, the Head of State was also urged to show a commitment to reducing wasteful spending, cracking down on corruption and increasing accountability in exchange for that flexibility.
While commenting on the recent demonstrations, the IMF said it was deeply concerned by the tragic events and that it would maintain close ongoing and constructive dialogue with Ruto’s administration.
“Our thoughts are with all the people affected by the turmoil in the country,” read part of IMF’s statement.
“Our main goal in supporting Kenya is to help it overcome the difficult economic challenges it faces and improve its economic prospects and the well-being of its people.”
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