Julie Kozack, IMF communications director, said in a statement on Wednesday that the financial body was concerned about the tragic events, particularly the loss of life and destruction of property.
“We are deeply concerned by the tragic events in Kenya in recent days and saddened by the loss of life and numerous injuries. Our thoughts are with all those affected by the unrest in the country,” the statement read.
“The IMF is closely monitoring the situation in Kenya. Our main objective 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 with Kenya to chart a path towards robust, sustainable and inclusive growth. »
Kenyans have denounced the austerity measures imposed by the IMF as conditions that the government must meet before obtaining loans.
Some of these measures include removing fuel subsidies as well as increasing the value added tax (VAT) on fuels from 8% to 16%.
Since February 2021, the IMF has disbursed more than 341 billion Kenyan shillings under the Extended Credit Facility.
The Extended Credit Facility (EDCF) program provides financial assistance to countries to address the huge balance of payments resulting from structural problems. The IMF sets a longer repayment plan to allow the country to adapt and implement structural reforms.
Several politicians have advised the government against giving in to such measures, stressing that the country’s economy is affected by the soaring cost of living, which is leading to a decline in the purchasing power of Kenyans.
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