Sunday, November 6, 2022 – In what might look like a vindication of former President Uhuru Kenyatta, President William Ruto has reached a deal with the International Monetary Fund (IMF) for more loans.
This is even as he demonized Uhuru for doing the exact same thing in the previous regime, vowing never to borrow again.
But yesterday, Ruto threw his earlier principles out of the window after realizing that his bottom-up economic model was not working as he expected and went for more loans.
He met International Monetary Fund (IMF) Director for African Department Abebe Aemro Selassie at State House, Nairobi.
The government and IMF partnered to strengthen Kenya’s economic output through various initiatives.
“We are taking deliberate measures to strengthen the economy through reforms at the Kenya Revenue Authority (KRA), shifting from consumption subsidies to production, raising the level of national savings and focusing on value addition, among others,” State House announced.
Ruto noted that the IMF strategically realigned its priorities with the Kenya Kwanza agenda of lifting the most vulnerable from economic despair.
“We are grateful that the International Monetary Fund is aligned with this strategy,” State House added.
Abebe Aemro Selassie, who was in the company of other IMF leaders, was also happy with the fruitful visit.
The IMF boss was a close economic ally of former President Uhuru Kenyatta’s government.
On its website, the IMF pledged to support Ruto’s agenda by advancing more loan facilities to the government.
“Kenya’s economic program supported by the Fund’s Extended Fund Facility and the Extended Credit Facility arrangements is providing an essential policy anchor to debt sustainability and public confidence,” IMF wrote.
The IMF also welcomed Ruto’s bold move to increase fuel and food prices by removing the subsidies.
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