Editor's Review

Treasury PS Chris Kiptoo acknowledged that the current programme of approximately Ksh555 billion was ending in April.

The National Treasury has revealed plans to engage the International Monetary Fund (IMF) over a new programme.

Speaking during a press briefing on Thursday, February 13, Treasury PS Chris Kiptoo acknowledged that the current programme was ending in April.

He asserted that the IMF was still a key partner for Kenya in its efforts to undertake fiscal and governance reforms.

"The IMF programme is important for us and the reforms that we continue to carry are our own reforms. Our desire is that we can continue discussing for us to go into a new programme," he stated.

"We will brief you when we have had discussions."

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File image of President William Ruto with IMF staff.

The current IMF programme was started in 2021 and was aimed to help the country recover from the Covid-19 economic shocks.

During the programme, the IMF undertook to support Kenya with a Ksh555 billion loan facility.

"This programme had 9 reviews and when we were on our fifth review with got a new addition called Resilient Sustainability Facility (RSF) which focuses on climate change.

"The whole IMF programme now moved from 2.3 billion dollars to 4.3 billion dollars. We are only remaining with 800 million dollars in the 9th review. That review is yet to come and we expect the programme to end in April.

During the programme, the IMF pushed for the government to undertake various reforms including tax reforms.

Notably, some of the reforms proposed through the contested Finance Bill 2024 did not sit well with several Kenyans, hence the protests witnessed in July.