President William Ruto on Monday, December 9, 2024, held a meeting with the newly appointed International Monetary Fund (IMF) Deputy Managing Director Nigel Clarke at the State House in Nairobi.
In a statement on X moments after the meeting, Ruto hailed the ‘excellent relationship’ between Kenya and IMF, saying it has yielded demonstrable results in the past 60 years.
According to Ruto, Kenya’s debt burden is easing and inflation is at 2.7 per cent – the lowest in 17 years, while foreign exchange reserves at $9.5 billion are the highest ever.
“Kenya and the International Monetary Fund (IMF) have an excellent relationship that has yielded demonstrable results in the past 60 years. In emerging from a difficult economic situation, Kenya has counted on the IMF and other partners. Our debt burden is easing, inflation is at 2.7 per cent – the lowest in 17 years, while foreign exchange reserves at $9.5 billion are the highest ever,” Ruto stated.
“Additionally, production of the staple food, maize, and sugar is meeting national demand. Met IMF Deputy Managing Director Nigel Clarke, State House Nairobi. Congratulated him on his new appointment and wished him well.”
The development comes nearly a month after the IMF executive board approved the Kenyan government’s request to access Ksh.78 billion loan to rebuild its fiscal policies.
The review came after the IMF concluded a meeting in determining the seventh and eighth reviews; a process that was disrupted in early June during the anti-government protests.
Following the meeting, the IMF exuded confidence that the funds would address Kenya’s challenge in reviving the country’s economic status.
IMF came into the picture during the tenure of former President Uhuru Kenyatta and his DP (now president) where a four year agreement was made.
President Ruto’s regime is expected to extend the program after it ends in April 2025.
