The International Monetary Fund (IMF) has affirmed its commitment to maintaining close collaboration with Kenya despite the recent rejection of the Finance Bill 2024, which has now been withdrawn. In response to the unrest and tragic fatalities during protests against the bill, the IMF expressed concern for the situation in Kenya and vowed to support the country in addressing its economic challenges.
In a statement released shortly after President Ruto announced his decision not to sign the controversial bill, the IMF conveyed its condolences to those affected by the turmoil in Kenya. The global lender emphasized its primary objective of helping Kenya overcome its current economic difficulties and enhancing its economic prospects and the welfare of its people.
The IMF also pledged to work closely with the Kenyan government to develop a path towards inclusive, robust, and sustainable economic growth. This commitment comes amidst pressures on the Kenyan administration, including IMF recommendations for stringent austerity measures aimed at reducing national debt levels. These measures were anticipated to include increased taxes across several economic sectors.
President Ruto, speaking from State House in Nairobi, acknowledged the widespread public opposition that led to fatalities, property damage, and disruptions to constitutional processes related to the Finance Bill. Despite efforts to incorporate public feedback into the bill, the President noted persistent demands for further concessions from the public and members of the National Assembly.
In conclusion, the IMF’s statement underscores its supportive stance towards Kenya during this challenging period, emphasizing collaborative efforts to stabilize the economy and foster sustainable growth.
