President William Ruto has described the International Monetary Fund (IMF) as a vital partner in steering Kenya through economic reforms, emphasizing its role in stabilizing public finances and managing the nation’s debt.
Speaking in Washington DC, Ruto highlighted that the IMF’s technical guidance has helped Kenya tackle complex economic challenges while providing support to critical sectors of the economy.
“The International Monetary Fund has, over the years, proven to be a reliable and constructive partner in Kenya’s journey of economic transformation,” he said.
The President noted that the Fund’s ongoing engagement has offered critical expertise in handling external debt and provided technical assistance across multiple economic areas.
“Its continued engagement has provided invaluable expertise in the management of our external debt and delivered critical technical assistance across key sectors of our economy,” he added.
Ruto also credited Kenya’s progress in continental economic rankings to support from international partners.
“Through the dedicated support of our international partners, including the IMF, Kenya’s economy has recorded notable progress, rising from the eighth to the sixth-largest on the continent in just two years,” he said.
Reassuring Kenyans of his government’s commitment to global partnerships, the President said efforts to deepen collaboration with international financial institutions would continue to promote economic stability and shared prosperity.
“We greatly appreciate this support and remain committed to deepening these partnerships as we pursue economic resilience, accelerated development and shared prosperity for all Kenyans,” he said.
The President met with IMF Managing Director Kristalina Georgieva to discuss expanding collaboration. He said the two parties agreed on a forward-looking partnership anchored on transparency and mutual understanding.
“We have agreed to forge a forward-looking partnership, built on transparency, mutual understanding, and a shared commitment to sound economic governance,” Ruto said.
In further discussions, Ruto met International Finance Corporation (IFC) Managing Director Makhtar Diop, where they agreed to strengthen development financing strategies. This includes establishing an Infrastructure Fund expected to attract significant partner interest.
Kenya will host an IFC delegation early next year to advance talks on energy and infrastructure investment, particularly the modernisation of Jomo Kenyatta International Airport through a Public-Private Partnership model. Other collaboration areas include expanding major roads and developing geothermal, hydro, and wind energy projects.
Ruto also welcomed the International Development Finance Corporation’s plan to implement a $1 billion (Sh129.8 billion) debt-for-food security swap. The programme aims to replace costly debt with lower-cost financing, provided the savings are invested in initiatives to improve food security.
