The IMF pledges to continue working closely with Kenya, following unrest over the Finance Bill 2024, which has been withdrawn.
The lender is closely monitoring the situation and aims to assist Kenya in overcoming economic challenges.
“Our thoughts are with all the people affected by the turmoil in the country,” read part of IMF’s statement.
“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.”
IMF further promised to engage the government to chart a course towards robust, sustainable, and inclusive growth.
The statement by the IMF came barely hours after President Ruto declined to assent to the contentious bill after Kenyans expressed widespread dissatisfaction with the proposal.
Speaking at a press conference at State House in Nairobi on Wednesday, June 26, Ruto disclosed that the widespread dissatisfaction with the bill led to the loss of lives, destruction of property and even the desecration of constitutional institutions.
“Notwithstanding all these concessions, it became evident that members of the public were still insisting on the need for us to make more concessions,” Ruto stated.
“I am grateful to all the members of the National Assembly who voted yesterday affirmatively for the Finance Bill 2024 as amended on the floor of the House to incorporate the views generated in the public participation process,” he added.
The IMF has been pushing Ruto’s administration to implement strict austerity measures as part of the recommendations to help the country alleviate its debt levels.
According to experts, it was expected that the recommendations would come with hiked taxes on several sectors of the economy.
