Government Wants IMF to Give It Ksh. 477 Billion After Finance Bill Withdraws.

The government has submitted its economic resuscitation plan to the International Monetary Fund (IMF) for approval, following the withdrawal of the contentious Finance Bill, 2024.

The public authority has presented its financial revival plan to the International Monetary Fund (IMF) for endorsement, following the withdrawal of the combative finance Bill, 2024.

President William Ruto’s organization has looked for new subsidizing of Kes.477 billion ($3.6 billion) from the Bretton Woods Establishment to cover the shortage made by pulling out the questionable regulation.

National Treasury Principal Secretary Chris Kiptoo disclosed on Monday during a presentation to parliamentarians that Kenya had already initiated discussions with the IMF regarding the potential distribution of these funds. He also said that the government is talking to the World Bank about getting more money.

PS Kiptoo informed lawmakers that “we are beginning discussions on a new program, possibly with the IMF and other partners.” “The state is already negotiating with the World Bank for new development policy financing,” he continued.

In addition to addressing legislators, Prime Cabinet Secretary Musalia Mudavadi reaffirmed the government’s commitment to acquiring additional funding from external lenders. Mudavadi noted that the national treasury has held robust discussions with the IMF in spite of recent developments in Kenya.

He said that these talks would go on in August and that the multibillion-dollar loan would be paid out by April of next year. We require a partnership with the IMF in order to address our debt problem.

Mudavadi stated to MPs, “It cannot be any other way.” Concerns about Kenya’s relationship with the IMF were addressed by Mudavadi, who rejected claims of a possible separation from multilateral lenders.

Assuming anybody misdirects individuals by proposing that you can leave the IMF and have your direction, it isn’t accurate,” Mudavadi explained. He added, “You want the IMF and the World Bank on your side to get a consultation from your leasers.”