Enough is enough! DAVID NDII now tells RUTO to cut ties with IMF and stop taking more loans – Look!

Friday, November 8, 2024 – President William Ruto’s Economic Adviser David Ndii has advised him to stop taking more loans from the International Monetary Fund (IMF).

According to Ndii, the government of Kenya would stop relying on the IMF for loans to aid in development projects, saying the country’s economy is on the mend.

“We would like to get out of an IMF program. We’ve turned the corner, the global financial shocks are receding, and we are beginning to grapple with our fiscal shocks,” Ndii stated.

Ndii explained that taking on additional loans would increase uncertainty and add heavier costs, further harming the country's economy.

“We’ve reached that fork of the road where we have to decide whether we get stuck in concessional financing, or whether we should go where middle-income countries are, which is the market. 

"We’re a frontier market. Should we be looking to go to an emerging market and be subject to market discipline?” 

Ndii's remarks come barely a week after the seventh and eighth reviews by the IMF ended and the global financier opened the door for Kenya to acquire a loan of approximately Ksh78 billion to be disbursed in two consignments.

In the final report after months spent evaluating and reviewing Kenya’s economy to assess if it is capable of repaying the $606 (Ksh78 billion) loan, the IMF reported that the Kenyan economy had remained resilient, recording a growth above the regional average.

If Kenya steps out of IMF’s aid, it could mean even more taxation on Kenyans who have already strongly opposed most of the taxes proposed by the government that culminated in anti-government protests in June.

The Kenyan DAILY POST