The International Monetary Fund (IMF) has approved the seventh and eighth reviews of Kenya’s $3.6 billion program, enabling the release of a $606 million loan tranche to aid the country in addressing its financial challenges. Although an agreement on the seventh review was reached in June, disbursement was delayed by protests over tax hikes, which led to over 60 deaths and prompted President William Ruto to halt the finance bill. IMF’s First Deputy Managing Director, Gita Gopinath, commended Kenya’s economic resilience, noting its steady growth, inflation control, and external inflows. The organization recommended that the East African country improve revenue collection to support essential spending and meet its debt service obligations. The IMF also urged Kenya to strengthen governance and transparency, stating that it would help restore public confidence that public resources are being used efficiently.
SOURCE: EAST AFRICAN
