Ruto backs IMF partnership as key to Kenya’s debt, economic reforms
The President also noted that the Fund’s continued engagement has offered vital expertise in managing external debt and technical support across multiple economic sectors.
President William Ruto has hailed the International Monetary Fund (IMF) as a key partner in steering Kenya’s economic reforms, saying its technical support has been crucial in stabilising the country’s finances and managing debt.
Speaking in Washington DC, Ruto said the IMF’s guidance has helped Kenya navigate complex economic challenges while providing targeted assistance across critical sectors of the economy.
More To Read
- Tough decisions stabilised the economy, saved Kenya from shame – Ruto
- Ruto and Oburu strengthen UDA-ODM alliance after by-election win
- Ruto unveils Sh400 billion mega dam plan to turn North and Coast regions into Kenya's new food basket
- Ruto says 15,000 jobs on the horizon following launch of landmark highway expansion
- Ruto says Kenya can attain first-world status within three decades
- Petition filed to stop multi-billion Rironi–Nakuru–Mau Summit road project
He emphasised that the IMF has consistently been a constructive partner in Kenya’s economic transformation.
“The International Monetary Fund has, over the years, proven to be a reliable and constructive partner in Kenya’s journey of economic transformation,” he said.
The President also noted that the Fund’s continued engagement has offered vital expertise in managing external debt and technical support across multiple economic sectors.
“Its continued engagement has provided invaluable expertise in the management of our external debt and delivered critical technical assistance across key sectors of our economy,” he added.
Highlighting Kenya’s rise in continental economic rankings, Ruto attributed the progress to support from international partners.
“Through the dedicated support of our international partners, including the IMF, Kenya’s economy has recorded notable progress, rising from the eighth to the sixth-largest on the continent in just two years,” he said.
Assuring Kenyans of continued collaboration with global financial institutions, the President said his administration remains committed to promoting economic stability and shared prosperity.
“We greatly appreciate this support and remain committed to deepening these partnerships as we pursue economic resilience, accelerated development and shared prosperity for all Kenyans,” he said.
The head of state, who held discussions with IMF Managing Director Kristalina Georgieva on expanding avenues of collaboration, said they had agreed to a forward-looking partnership based on transparency and mutual understanding.
“We have agreed to forge a forward-looking partnership, built on transparency, mutual understanding, and a shared commitment to sound economic governance,” Ruto said.
He also met with International Finance Corporation (IFC) Managing Director Makhtar Diop and agreed to enhance development financing strategies, including the establishment of an Infrastructure Fund attracting strong partner interest.
Kenya is set to host an IFC delegation early next year to advance discussions on energy and infrastructure investment, particularly the modernisation of Jomo Kenyatta International Airport under a Public-Private Partnership model.
Other areas of collaboration highlighted by the President include expanding major roads and generating and transmitting geothermal, hydro, and wind power.
Ruto also welcomed the International Development Finance Corporation’s (DFC) plan to implement a $1 billion (Sh129.8 billion) debt-for-food security swap, which will replace costly debt with lower-cost financing provided the savings are invested in programmes that improve food security.
Top Stories Today
