President William Ruto and the Deputy Managing Director of the International Monetary Fund (IMF), Nigel Clarke, held a meeting on Monday at State House, Nairobi.
During the meeting, Ruto congratulated Clarke on his new appointment, which he assumed on October 31, 2024.
He also highlighted the strong relationship between Kenya and the IMF, noting that their partnership has produced tangible results over the past 60 years.
The President emphasised that Kenya has relied on the IMF and other partners to navigate through difficult economic times.
"Our debt burden is easing, inflation is at 2.7 percent—the lowest in 17 years—and foreign exchange reserves stand at $9.5 billion, the highest ever," he said.
Ruto also pointed out that the production of key staple foods, such as maize and sugar, is now meeting the country's national demand.
Clarke is on a two-day high-profile visit where he will hold meetings with government officials and key stakeholders.
His visit had been announced by IMF Spokesperson Julie Kozack.
“Deputy Managing Director Nigel Clarke
will travel to Nairobi, Kenya on December 9, ad 10, as part of our ongoing engagements,”
she said in November.
The Monday meeting came at a time when the government is anticipating pivotal discussions with IMF to secure the renewal of a lending programme that is set to expire in four months.
The multi-billion shilling lending programme is set to conclude in April 2025. It has seen to the support of the country’s economy.
In November, IMF warned of a difficult path ahead for the country, even as it disbursed Sh78 billion ($606 million) to support the government’s budgetary needs.
Kozack said the IMF executive board had concluded the seventh and eighth reviews of the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) Blended Programme on October 30.
This brought the total disbursements under the programs to about $3.1 billion.
