An International Monetary Fund (IMF) delegation led by Haimanot Teferra has concluded its official mission to Kenya following a two-week visit that ran from September 25 to October 9.
In a statement on Friday, October 10, the IMF said the visit, which took place in Nairobi, was aimed at assessing the country’s current economic landscape.
According to IMF the visit was also aimed at initiating discussions on future government policies and strategies that could form the basis of a new IMF-supported program.
During the mission, the IMF team held high-level meetings with President William Ruto, Treasury Cabinet Secretary John Mbadi, and Central Bank Governor Kamau Thugge, alongside their respective teams.
The delegation also engaged members of Parliament, officials from various government agencies, representatives of civil society organizations, the financial sector, private businesses, and Kenya’s development partners.
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Teferra noted that the mission made tangible progress in reviewing Kenya’s economic and financial sector developments, as well as in outlining discussions on a possible reform agenda.
"The IMF staff team made progress in taking stock of the latest macroeconomic and financial sector developments, assessing the economic outlook, and holding initial discussions with the Kenyan authorities and other stakeholders on a reform agenda that could pave the way for an IMF-supported program.
"The policy priorities include measures to enhance fiscal policy credibility, ensure sustainability of public finances and debt, and minimize fiscal, financial, and external sector risks as well as ways to enhance governance, transparency, and efficiency in the public sector," she said.
Teferra added that the discussions were open and constructive, further reiterating IMF's commitment to partnering with Kenya.
"We welcome the Kenyan authorities’ candid engagement and remain steadfast in our commitment to partnering with Kenya to secure a more robust, sustainable, and inclusive economic future for all Kenyans," she added.
Teferra further expressed appreciation for the collaboration and hospitality extended to the IMF team throughout the visit.
"We thank the authorities and all our partners—representatives of the private sector, civil society, development partners and other stakeholders in Kenya—for their hospitality, and the constructive discussions and support during the visit," she further said.
Elsewhere, this comes months after President William Ruto called for reforms to global trade rules and credit rating agencies.
Speaking in Spain during the 4th Financing for Development (FfD4) summit on Monday, June 30, Ruto called for all-inclusive trade rules that reward green production and accelerate decarbonization.
He explained that such a move would be crucial for African countries such as Kenya that are among the leaders in green energy production.
He asserted that Africa only wanted reforms that would guarantee equality, insisting that they were not favours.
"Africa’s role is critical to the global climate agenda. But we cannot deliver if our goods, services, and carbon credits are excluded from global markets or if entire value chains are blocked.
"We must design trade rules and pricing systems that reward green production and accelerate decarbonization. Africa must be part of that solution, transforming green premiums into green discounts," he stated.
On global Credit Rating Agencies, Ruto called for agencies to have a better understanding of the economies of Africa, including their strengths and weaknesses.
"Let us be clear: without affordable capital and open markets, progress will stall. High debt premiums cannot be fixed by technical adjustments alone.
"Credit Rating Agencies also need to change their understanding of African economies. The African Credit Rating Agency is a crucial step in gaining a better understanding of Africa," he added.
