The International Monetary Fund (IMF) has apologized to Kenyans affected by recent anti-government protests that led to the withdrawal of Finance Bill 2024.
The aftermath of the protests has been catastrophic, with lives lost, property destroyed, and abductions by suspected statesmen. Sadly, some people are still missing almost two weeks since the unrest begun.
IMF spokesperson Julie Kozack expressed, “I extend the IMF’s deepest sympathies to people affected by recent events in Kenya. Our hearts go out to those who have suffered.”
The IMF is a key financial partner of Kenya, providing loans and pushing for tax reforms to improve revenue and governance. However, these tax reforms have caused controversy during protests, with Kenyans questioning the IMF’s influence.
LSK President Faith Odiambo criticized the IMF in a press statement: “June 25, 2024, will go down in history as the day Kenyans died so that their president could please the colonial masters in the name of staggered tax measures recommended for implementation by the IMF.”
IMF Responds to Criticism
Responding to criticism, Kozack defended the IMF’s actions, clarifying that Kenya received Ksh.503 billion to address economic challenges.
She acknowledged that low-income countries like Kenya face difficulties balancing financial needs with budget demands.
“Kenya’s situation reflects broader challenges among our low-income members,” Kozack noted.
“Many countries struggle with tighter financial conditions and limited concessional financing.”
She stressed that Kenya needs to manage debt while raising money for essential services.
The IMF aims to support sustainable growth, create jobs, and help vulnerable groups. “We work with authorities to achieve these goals while maintaining financial stability,” Kozack assured.
What’s Next for IMF and Kenya?
Following the protests and Finance Bill withdrawal, the IMF has promised to support Kenya’s development goals. This will be through ongoing talks with President Ruto’s administration.
“We review and adjust programs based on Kenya’s evolving circumstances,” she affirmed.
The IMF has stressed the need for transparency and public consultation for policy acceptance.
“Public support is crucial for effective policy,” Kozack added.
By Vivian K.