President William Ruto welcomed Nigel Clarke, the newly appointed Deputy Managing Director of the International Monetary Fund (IMF), to the State House.
Ruto praised Kenya's strong partnership with the IMF, noting its positive impact over the past six decades. He acknowledged that Kenya has relied on the IMF and other international partners to navigate economic challenges.
“Our debt burden is decreasing, inflation has dropped to 2.7%—the lowest in 17 years—and foreign exchange reserves have reached a record $9.5 billion. Additionally, we are now meeting national demand for staple foods like maize and sugar,” Ruto stated.
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This meeting will take place shortly after the IMF approves a Ksh. 78 billion loan to Kenya. The funds aim to support fiscal reforms and economic recovery efforts. The approval followed the IMF’s seventh and eighth program reviews, which were delayed earlier this year due to anti-government protests.
The IMF’s involvement in Kenya began during the tenure of former President Uhuru Kenyatta, with a four-year agreement that runs through April 2025.
President Ruto’s administration is expected to extend the program, underscoring its importance in sustaining economic recovery.
