Press Release No. 24/460

Statement by IMF Deputy Managing Director Nigel Clarke at the Conclusion of His Visit to Kenya

December 10, 2024

Nairobi, Kenya: Mr. Nigel Clarke, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today in Nairobi at the conclusion of his visit to Kenya over December 8–10, 2024:

“I want to express my deep appreciation to the Kenyan authorities and Kenyan people for their incredible hospitality during my first visit to Kenya as IMF Deputy Managing Director.

“In particular, I would like to thank H.E. President Dr. William Ruto, Cabinet Secretary for National Treasury and Economic Planning Mr. John Mbadi, Governor of the Central Bank of Kenya Dr. Kamau Thugge, and other senior government officials for the productive discussions. My visit was also a valuable opportunity to listen and learn from a cross section of Kenyan society, including representatives of the Kenyan Parliament, civil society organizations, business community, financial sector, and Kenya’s development partners.

“This vibrant and open dialogue allowed me to deepen my understanding of Kenya’s economic challenges, and how the IMF can continue to support policies for the betterment of Kenyan society. I was encouraged by the determination and commitment of everyone I met with to support efforts to unlock Kenya’s economic potential.

“The authorities policy agenda and reform programs, supported by the IMF’s Extended Fund Facility (EFF), Extended Credit Facility (ECF), and the Resilience and Sustainability Facility (RSF) arrangements, have helped improve Kenya’s resilience to economic and climate shocks. Nevertheless, challenges remain, especially in strengthening the fiscal framework and reducing debt vulnerabilities.

“The Kenyan authorities face a difficult balancing act of fulfilling the aspirations of the Kenyan people by delivering on priority social and developmental needs even as debt servicing obligations consume a large share of government’s revenues. In this context, we continue to encourage them to remain engaged with all relevant stakeholders and friends of Kenya on the path forward and effectively communicate to and engage with the people of Kenya on the policy options to strengthen public trust.

“I encouraged the authorities to continue efforts to create the fiscal space needed to finance priority investment and social spending, and make further progress in investing in human capital and greater inclusivity. I also emphasized the importance of ensuring that revenues are well spent by strengthening public financial management, governance, transparency, and anti-corruption frameworks. All these efforts will help move the economy forward and enhance its resilience to shocks.

“My visit has been incredibly rewarding in getting a first-hand appreciation of Kenya’s prospects and challenges. As I conclude my visit, I would like to express my very best wishes to the people and government of Kenya, and I am sure that together they can navigate the best path forward to a promising future.”