A staff team from the International Monetary Fund (IMF) is set to visit Kenya for 15 days to discuss the possibility of a Fund-supported program with the government.
In a statement on Wednesday, September 24, IMF said the team, led by Haimanot Teferra, the IMF mission chief for Kenya, will be in Nairobi from Thursday, September 25, to Thursday, October 9.
IMF confirmed that the visit comes at the request of the Kenyan authorities, further reiterating its commitment to supporting Kenya.
"At the request of the Kenyan authorities, an IMF staff team will begin initial discussions in the coming days on a possible Fund-supported program.
"The IMF remains committed to supporting Kenya in its efforts to maintain macroeconomic stability, safeguard debt sustainability, strengthen governance, and promote inclusive and sustainable growth for the benefit of the Kenyan people," Teferra said.
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Teferra highlighted the team’s expectations of working closely with both the government and other stakeholders during the two-week mission.
"We look forward to constructive engagement with the authorities and other stakeholders during our visit to Nairobi," the statement concluded.
This comes months after IMF Deputy Managing Director Nigel Clarke visited Kenya during which he proposed key economic reforms.
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 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," he remarked.
Clarke 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," he added.
