President William Ruto welcomed the Deputy Managing Director of the International Monetary Fund (IMF), Nigel Clarke, to State House, where he congratulated Clarke on his new role and wished him success.
In a statement following their meeting, President Ruto praised the strong and enduring relationship between Kenya and the IMF, highlighting the positive outcomes of their collaboration over the past 60 years.
He emphasized that Kenya has relied on the IMF and other international partners to navigate through challenging economic times.
“Our debt burden is decreasing, inflation stands at 2.7% the lowest in 17 years and our foreign exchange reserves have reached a record high of $9.5 billion.
Additionally, the production of staple foods like maize and sugar is now sufficient to meet national demand,” the President said.
This meeting comes nearly a month after the IMF board approved Kenya’s request for a sh.78 billion loan to help strengthen its fiscal policies.
The decision followed a review of the seventh and eighth program reviews, which had been delayed earlier in the year due to anti-government protests.
The IMF expressed confidence that these funds would help address Kenya’s economic challenges and support the recovery of its financial standing.
The IMF’s engagement with Kenya began under former President Uhuru Kenyatta and his deputy, now-President Ruto, when a four-year agreement was established.
President Ruto’s administration is expected to extend this program beyond its scheduled end in April 2025.
