In a statement issued on Wednesday, Julie Kozack, IMF Director of Communications, stated that the financial body was concerned with the tragic events including the loss of lives and destruction of property.
Kozack noted that the IMF was taking a keen look at the country’s situation while reaffirming its position in assisting Kenya to overcome its economic challenges.
“We are deeply concerned about the tragic events in Kenya in recent days and saddened by the loss of lives and the many injuries. Our thoughts are with all the people affected by the turmoil in the country,” the statement read in part.
“The IMF is closely monitoring the situation in Kenya. Our main goal in supporting Kenya is to help it overcome the difficult economic challenges it faces and improve its economic prospects and the well-being of its people. We are committed to working together with Kenya to chart a course towards robust, sustainable, and inclusive growth.”
Kenyans have decried the austerity measures imposed by the IMF as conditions that the government needs to meet before securing loans.
Some of these measures include scrapping fuel subsidies as well as increasing Value Added Tax (VAT) for fuel from 8 per cent to 16 per cent.
Since February 2021, IMF has disbursed over Ksh.341 billion to Kenya under the Extended Fund Facility arrangement.
The EFF program provides financial aid to countries to settle the huge balance of payments that arose from structural problems. IMF sets a longer repayment plan to allow the country to adjust and implement the structural reforms.
Several politicians have advised the government against ceding to such measures, pointing out that the country’s economy is adversely affected as the cost of living soars high leading to a lower purchasing power among Kenyans.
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