In response to recent political developments in Kenya, the International Monetary Fund (IMF) has announced its intention to closely monitor the situation as part of its ongoing program reviews with the country.
During a press briefing on Thursday, IMF spokesperson Julie Kozack emphasized the importance of assessing current developments and making necessary adjustments to their recommendations.
This includes considerations stemming from the withdrawal of the Finance Bill 2024, a move triggered by recent demonstrations.
“At every program review, we take the opportunity to assess developments and make adjustments considering the evolving circumstances,” stated Julie Kozack, highlighting the IMF’s active engagement with Kenyan authorities.
The statement follows a recent phone call between Kenyan President William Ruto and IMF chief Kristalina Georgieva, where concerns over potential program target lapses due to the Finance Bill’s withdrawal were discussed.
Sources familiar with the call indicated that despite these challenges, there was consensus among major donors for the IMF to exhibit flexibility on program targets, contingent on Kenya demonstrating robust measures to combat corruption and enhance financial accountability.
The IMF expressed deep concern over the recent demonstrations in Kenya, underscoring its commitment to maintaining constructive dialogue with Ruto’s administration amidst the country’s political upheaval.
“Our thoughts are with all those affected by the turmoil in the country,” the IMF’s statement affirmed, reaffirming its primary objective to support Kenya in overcoming economic challenges and improving the welfare of its citizens.
