Nairobi: Kenya’s President William Ruto and a delegation from the International Monetary Fund-IMF on Saturday at State House in Nairobi outlined key measures in bringing modern developments.
The Government of Kenya and the International Monetary Fund partnered to strengthen Kenya’s economic output through different initiatives.
“We are taking deliberate measures to lift up the economy through reforms at the Kenya Revenue Authority-KRA, shifting from consumption subsidies to production, upgrading the level of national savings, and focusing on value addition, among other issues,” State House of Kenya stated.
President Ruto noted that IMF strategically realigned its priorities with the current ruling regime’s agenda of modernizing the economy at large.
“We are much grateful that the International Monetary Fund is aligned with our solid strategy at hand,” the State House stated in a statement.
The IMF website showed that it will fully support Kenya’s developmental agenda despite the change of the ruling regime after the August 9, 2022, General Elections.
“In this process, the authorities stimulated strong guidelines and advancing structural reforms to maintain macroeconomic stability and safeguard Kenya’s positive medium-term prospects,” IMF published on its website.
Also, IMF welcomed the Central Bank of Kenya’s (CBK) recent monetary policy on tightening fiscal expenditure.
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“The Central Bank of Kenya must be well prepared in order to continue adjusting its stance to limit second-round effects from higher food and fuel prices and keep inflation expectations well-anchored amid a temporary increase above the target band”, IMF stated.
