Kenya Submits New Economic Plan to IMF After Fall of Finance Bill

Kenya has officially submitted an economic repair plan to the International Monetary Fund (IMF) for consideration after the rejection of the Finance Bill 2024 by the Kenyan youth.

Speaking before the parliamentary budget committee, Prime Cabinet Secretary and Acting Treasury CS Musalia Mudavadi said that the IMF board is expected to review the plan for approval at a meeting at the end of August.

Additionally, Mudavadi told the parliamentary budget committee that the National Treasury had maintained engagement with the IMF, despite recent protests.

“The Treasury has had a very robust engagement with the International Monetary Fund, even in the midst of the challenges we have been facing,

“It is our desire and hope that Kenya’s proposition will receive favorable consideration so that we can move beyond the challenges that we are facing,” said Mudavadi to the panel.

Also Read: Mudavadi Addresses Reports of JKIA Being Sold

Kenyans Protests Outside IMF Offices

On July 21, Kenyans in the United States (US) held protests outside the International Monetary Fund (IMF) headquarters in Washington DC to pile pressure on the body.

The protestors demanded accountability from IMF on lives lost during protests back at home that was fueled by the Fund’s inspired Finance Bill 2024. 

Additionally, the protestors demanded for adequate compensation for families who lost their loved ones, calling on IMF officials to admit their faults.

Others noted that the anti-Finance Bill protest held in Kenya was the first time the fund inspired a bill that caused such chaos across the world.

“We are here today to pass a very important message to the IMF, that we are tired of your exploitation, that we are tired of your manipulation, and that you should leave Kenya now. For many years we have asked the IMF to stop loaning Kenya money,” said one of the protestors.

Also Read: Kenyans Protest Outside IMF Headquarters; Issue Demands

Earlier Response to Uproar from Kenyans

Earlier in June 27, the IMF Director of Communications Julie Kozack, said that the institution was concerned about loss of lives and injuries reported in Kenya because of the protests held in the country’s capital and other major cities.

Kozack said that IMF was committed to helping Kenya chart its path towards robust and inclusive growth, noting that the Fund’s main goal has been to support Kenya in its quest to overcome the difficult economic challenges it faces and improve the country’s economic prospects.

“We are deeply concerned about the tragic events in Kenya in recent days and saddened by the loss of lives and the many injuries,

“We are committed to working together with Kenya to chart a course towards robust, sustainable, and inclusive growth,” read part of the statement by IMF’s Director of Communications.

However, the message was met with hostility from Kenyans, who blamed the Monetary fund for its continued influence on tax proposals in the country.

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