IMF responds to protests and Ruto criticism over funding
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IMF responds to Ruto criticism on funding adding that it should look at the organization's operations from a broader perspective
IMF responds to Ruto criticism on funding adding that it should look at the organization’s operations from a broader perspective.
On Friday, July 14, the International Monetary Fund (IMF) responded to President William Ruto’s criticism of its management of global projects.
Julie Kozack, director of strategic communications, stated during a live-streamed news conference that those who were critical of the organization’s work should consider the financial interventions it has provided to many nations over the years.
She detailed how the international financial organization provided assistance to several nations during difficult economic times through a variety of actions, including concessional loans.
The IMF representative mentioned the global pandemic and the current conflict between Russia and Ukraine as two examples of financial disruptions.
“I think, more broadly speaking, many countries and many regions of the world have navigated difficult transitions before, and the IMF has, typically, been part of that global response to these difficult transitions that countries have faced.
“Since March 2020, we have approved over Ksh42 trillion (USD 300 billion) in financing for 96 countries,” she explained.
She added that they were also modifying to make their programs consistent with the changes, but she also pointed out that there were new trends in the world of finance.
She mentioned a number of measures, one of which is expanding the IMF’s overall resource pool, which will benefit low-income nations.
“The IMF is also exploring reforms to our lending toolkit, including adjustments to our precautionary instruments to better suit the needs of our membership.
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“We are also looking at ways to better account for how climate change affects debt sustainability and to enhance our support for countries hit by climate shocks,” the official added.
Ruto has recently intensified his calls for reforms in global institutions such as IMF and the World Bank calling for a robust system where countries such as Kenya will also have a say in its operations.
“We need to hammer out in this Paris agreement that we need a new financial mechanism to deal with climate change that is not controlled by a shareholder or is not subjected to the interest of any country,” Ruto stated during an event in Paris on June 2023.
The global financial institution noted that they were monitoring developments in the country and that they would issue a comprehensive statement after the completion of their review.
“We are hoping very much for a peaceful resolution” she stated.
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