President William Ruto has clarified Kenya’s relationship with the International Monetary Fund (IMF), saying there is no disagreement between the country and the Fund.
Speaking during a joint UDA-ODM Parliamentary Group meeting, the President said Kenya will borrow only when absolutely necessary and will otherwise rely on its own resources.
“We have managed to change some of the structure of the debt so that instead of too much upfront payment, we have negotiated to make them concessional. And today, I can confidently tell the country that we have avoided situations that would put a lot of strain in our budget,” Ruto said.
The President stressed that the government is committed to being innovative and creative in managing public finances.
“It is no longer tenable for us to continue borrowing. That is why we have said we are not taking any borrowing resources unless it is absolutely necessary,” he added.
Addressing reports suggesting tension with the IMF, Ruto dismissed them as misleading.
“I see some people say there has been a disagreement between Kenya and IMF. There is no disagreement. We have just agreed on what to do. If we need your money, we will come for it. If we don’t, we will do with the resources we have,” he explained.
Framing Kenya’s approach as a sign of strength, not weakness, Ruto said the government’s ability to operate independently demonstrates fiscal responsibility.
“How is that disagreement? Is it wrong to be able to stand on your own and do your own stuff? Is that a weakness or a strength? Yes,” he asked, highlighting the country’s determination to manage its finances prudently.
A team from the International Monetary Fund (IMF) concluded a mission visit to Kenya last month after holding discussions with government officials and stakeholders.
The delegation, led by IMF Mission Chief for Kenya Haimanot Teferra, was in Nairobi from February 24 to March 4.
The team held meetings with National Treasury Cabinet Secretary John Mbadi, Central Bank Governor Kamau Thugge, and their teams to review recent economic developments and discuss Kenya’s policy agenda in the context of the authorities’ program request.
During the visit, the IMF team also held engagements with officials from other government ministries, independent oversight institutions, civil society organizations, private sector representatives, financial sector players, and development partners.
