We’re Concerned About Situation In Kenya, IMF

The International Monetary Fund (IMF) has expressed concerns about the situation in Kenya, saying that it is monitoring developments.

Ms. Julie Kozack, IMF Director of Communications, stated on Kenya, in a statement Wednesday.

According to her, “We are deeply concerned about the tragic events in Kenya in recent days and saddened by the loss of lives and the many injuries. Our thoughts are with all the people affected by the turmoil in the country.

“The IMF is closely monitoring the situation in Kenya. Our main goal in supporting Kenya is to help it overcome the difficult economic challenges it faces and improve its economic prospects and the well-being of its people.

“We are committed to working together with Kenya to chart a course towards robust, sustainable, and inclusive growth.”

It would be recalled that: IMF and the Kenyan authorities have reached a staff-level agreement on a set of comprehensive policies and reforms needed to complete the seventh reviews of Kenya’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements and the second review under the Resilience and Sustainability Facility (RSF) arrangement.

Key policy actions entail corrective measures to safeguard debt sustainability, including measures underpinning the FY2024/25 budget to reverse the impact from the fiscal slippage in FY2023/24.

The medium-term outlook remains favorable predicated on advancing reforms to boost exports and fiscal revenues, rebuild buffers, and strengthen the economy’s ability to withstand external shocks. Structural and governance reforms and sustaining efforts to enhance resilience, including to climate shocks, will also help support macroeconomic stability.