IMF Pledges Continuous ‘Support’ To Kenya Despite Anti-Finance Bill Protests

The International Monetary Fund, or IMF, has pledged to continue working in close support of Kenya following discontent over Kenya’s government attempts to push the now-withdrawn Finance Bill 2024.

In a brief statement on Wednesday, the IMF expressed concern over the situation in Kenya after several protestors were lost to the demonstrations.

The multilateral lender disclosed that it is “closely monitoring the situation”, and its main goal is “helping Kenya to overcome the difficult economic challenges it faces and improve its economic prospect and the well-being of its people.”

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,” IMF Director of Comms, Ms Julie Kozack said.

The statement was released after Kenyan President William Ruto declined to sign the contentious bill after Kenyans’ widespread dissatisfaction.

Contrary to the IMF statement, local reports indicate that the IMF insists on broadening the tax base and improving revenue collection, arguing that fiscal consolidation is necessary to reduce debt and external vulnerabilities.

It is worth noting that the IMF, whom Robert Barro notably described as an entity “that does not put out fire, but start them,” has been pushing Ruto’s administration to implement strict tax policies as part of its recommendation to help the country clear its debts tab.

With the help of the U.S., the fund encourages bad economic policy by rewarding failure with showers of money,” Barro wrote in his article.

The Kenyan government, which owes billions, attempted to impose more taxation on citizens to cover debt, summarising the cause of unrest in the East African nation.

About The Author

Mayowa Durosinmi

subscriber

See author's posts