Nairobi, Kenya: Nigel Clarke, Deputy Managing Director of the International Monetary Fund (IMF), concluded his visit to Kenya with a statement expressing gratitude for the hospitality received during his stay from December 8–10, 2024.
"I want to express my deep appreciation to the Kenyan authorities and Kenyan people for their incredible hospitality during my first visit to Kenya as IMF Deputy Managing Director," Clarke stated.
He extended specific thanks to President Dr. William Ruto, Cabinet Secretary for National Treasury and Economic Planning John Mbadi, Governor of the Central Bank of Kenya Dr. Kamau Thugge, and other senior government officials for productive discussions. Clarke's visit included engagements with representatives from various sectors including parliament, civil society organizations, business community, financial sector, and development partners.
"This vibrant and open dialogue allowed me to deepen my understanding of Kenya’s economic challenges, and how the IMF can continue to support policies for the betterment of Kenyan society," he said. He noted being encouraged by the commitment shown towards unlocking Kenya's economic potential.
Clarke acknowledged that while IMF-supported programs like the Extended Fund Facility (EFF), Extended Credit Facility (ECF), and Resilience and Sustainability Facility (RSF) have bolstered Kenya's resilience against economic and climate shocks, challenges remain in fiscal framework strengthening and debt vulnerability reduction.
"The Kenyan authorities face a difficult balancing act of fulfilling the aspirations of the Kenyan people by delivering on priority social and developmental needs even as debt servicing obligations consume a large share of government’s revenues," he observed. He urged continued engagement with stakeholders on policy options that strengthen public trust.
Clarke emphasized creating fiscal space for investment in priority areas while enhancing governance frameworks: "I also emphasized the importance of ensuring that revenues are well spent by strengthening public financial management, governance, transparency, and anti-corruption frameworks."
Reflecting on his visit's impact on understanding Kenya's prospects and challenges firsthand, Clarke expressed optimism about Kenya's future: "As I conclude my visit...I am sure that together they can navigate the best path forward to a promising future."