International Monetary Fund (IMF) Deputy Managing Director Nigel Clarke has proposed key economic reforms following his first visit to the country in his current role.
In a statement on Tuesday, December 10, Clarke urged the government to focus on creating fiscal space to fund priority investments and social programs.
He also encouraged further investment in human capital and inclusivity, stressing the need to ensure efficient use of public funds by enhancing financial management and governance.
“I want to express my deep appreciation to the Kenyan authorities and Kenyan people for their incredible hospitality during my first visit to Kenya as IMF Deputy Managing Director. The Kenyan authorities face a difficult balancing act of fulfilling the aspirations of the Kenyan people by delivering on priority social and developmental needs even as debt servicing obligations consume a large share of government’s revenues.
"I encouraged the authorities to continue efforts to create the fiscal space needed to finance priority investment and social spending, and make further progress in investing in human capital and greater inclusivity. I also emphasized the importance of ensuring that revenues are well spent by strengthening public financial management, governance, transparency, and anti-corruption frameworks. All these efforts will help move the economy forward and enhance its resilience to shocks," Clarke remarked.
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The IMF Deputy Director noted that his visit to Kenya was a valuable opportunity to listen and learn from a cross-section of Kenyan society, including elected leaders, business communities, and development partners.
He disclosed that his interactions helped him to deepen his understanding of Kenya’s economic challenges and how the IMF can continue to support policies for the betterment of Kenyan society.
“My visit has been incredibly rewarding in getting a first-hand appreciation of Kenya’s prospects and challenges. As I conclude my visit, I would like to express my very best wishes to the people and government of Kenya, and I am sure that together they can navigate the best path forward to a promising future,” Clarke stated.
