Kenya on the right track to economic recovery, IMF boss says
The International Monetary Fund (IMF) has exuded confidence in the Kenyan government’s economic recovery program.
IMF Managing Director Kristalina Georgieva who is in the country lauded Kenya’s decision to prioritize investment in agriculture and Micro and Small Enterprises (MSESs) that offer quick turnaround results.
Progress on economic recovery has been hampered by rising inflation cracks and a volatile political milieu, with the latter seen as a major threat to the stricken economy that is yet to shade off the effects of the ongoing war in Europe.
Georgieva said the government’s dynamism of investment, prudent fiscal measures and transparency in governance have set the country on the path of success.
“We commend you for what you are doing on your fiscal measures. The country is certainly headed in the right direction,” she said.
She said IMF is ready to support the government to fast-track the country’s economic recovery programs.
Georgieva made the remarks during a meeting with President William Ruto at State House Nairobi.
President Ruto said the government is committed to managing the country’s debt to sustainable levels.
The President said the government has cut down on new projects and stopped subsidy programs that were draining the country’s resources.
He said the government has deliberately invested in agriculture and MSESs to create opportunities, income and wealth for as many Kenyans as possible in line with the Bottom-Up Economic Transformation Agenda.
“We commit to stay the course, especially on fiscal discipline and giving priority to projects that will have circulation of money,” he said.
The President thanked IMF for its continued support pledging to work towards making the country’s domestic market attractive through the management of interest rates.