The International Monetary Fund (IMF) has expressed its concerns regarding the aftermath of the demonstrations against the Finance Bill 2024.
On Wednesday, Julie Kozack, IMF Director of Communications, released a statement highlighting the organization’s distress over the tragic events, including the loss of lives and the destruction of property.
Kozack noted that the IMF is closely monitoring the situation in the country while reaffirming its commitment to helping Kenya 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,” she said.
“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 voiced their discontent over the austerity measures imposed by the IMF as prerequisites for securing loans.
These measures include eliminating fuel subsidies and increasing the Value Added Tax (VAT) on fuel from 8% to 16%.
Since February 2021, the IMF has disbursed over Ksh.341 billion to Kenya under the Extended Fund Facility arrangement.
The Extended Fund Facility (EFF) program provides financial aid to countries to address substantial balance of payments issues stemming from structural problems.
The IMF offers a longer repayment plan, allowing the country time to adjust and implement necessary structural reforms.