Sunday, October 16, 2022 – The International Monetary Fund (IMF) is now willing and ready to give President William Ruto another loan.
This is despite Kenya’s debt burden being on the ceiling, with Ruto having vowed never to take another loan.
Speaking to the media, IMF African Department Director Abebe Selassie expressed the institution’s willingness to give Kenya more loans should Ruto’s administration need a credit facility.
He explained that the institution was aiming at helping governments that were struggling to acquire financing from other financial institutions.
However, IMF indicated that it would continue working with Kenya to implement economic reforms.
“We have revolving resources that we need to use to help countries, from those with stronger positions to those in weaker positions.
“The best help we can provide countries like Kenya is providing financing when access to financing elsewhere is more problematic. Should more financing be needed, we, of course, will look at that,” the official stated.
In response to whether IMF would give Kenya relief for its outstanding debt, the financial lender clarified that Ruto had not yet applied for any credit relief.
This was in response to Ruto requesting lenders to offer countries like Kenya relief through restructured repayment schedules and other models.
“We have not received such a request from the Government of Kenya, and I think it’s really important for me to explain here that the IMF is akin to a lender of last [resort] to countries,” he stated.
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