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There Is No Relief Coming; Ndii Warns Kenyans of Tougher Times

by Joy Kwama
November 7, 2024
Reading Time: 4 mins read
The Chairperson of the Presidential Council of Economic Advisors David Ndii.

The Chairperson of the Presidential Council of Economic Advisors David Ndii. PHOTO/ David Ndii.

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The Chairperson of the Presidential Council of Economic Advisors, David Ndii, has responded to Kenyans asking when things will get easier.

Speaking during the NCBA economic forum, Ndii said that Kenya’s fate was sealed when the country went to bed with the International Monetary Fund (IMF).

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Further, he explained that Kenya was in receivership, meaning that it had to cut costs 

“I make to make reference to something I said before, when you are in an IMF program, you are in a receivership. There is no relief. You will only get relief when you come out of receivership.

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“When companies are in receivership, what they do is that they cut costs, they lay off people,” stated Ndii.

NdiiThe Chairperson of the Presidential Council of Economic Advisors David Ndii.
The Chairperson of the Presidential Council of Economic Advisors David Ndii. PHOTO/ David Ndii

Also Read: Win for Ruto as IMF Approves Another Loan After Initial Delays

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Ndii Explains How the Govt is Trying to Fix the Economy 

According to Ndii, the true economic relief will not come from external loans or temporary fixes, but from structural reforms, which he noted the government was striving to undertake. 

Already grappling with rising costs of living, unemployment, and economic stagnation, Kenyans are bearing the brunt of IMF programs.

IMF typically imposes austerity measures like subsidy cuts, tax hikes, and public sector spending reductions.

Although the policies are aimed at addressing budget deficits and ensuring debt repayment, they often translate to immediate hardships for the average citizen.

“The reason why many countries are where they are and they are stuck in a microeconomic crisis, is that they take Panadol for their headache and they don’t deal with the source of the headache.

“An IMF program is a palliative. What you want to do is the structural things that we are doing. You can’t keep going back to the question, how much relief are we getting? At this point in time, zero,” explained the economist.


Also Read: IMF Recommends Three Key Tax Reforms for Kenya After Approving Ksh78 B Loan


Kenya Receives Another Loan from IMF

IMF in a statement on October 30 announced that its Executive Board has completed the review of Kenya’s economic programs and in turn approved a $606 million (Ksh78 billion) in combined disbursements.

According to IMF, the approval came after the Executive Board concluded its seventh and the eighth reviews under the Extended Fund Facility (EFF) and the arrangement under the Extended Credit Facility (ECF) approved in April 2021.

It also concluded its review under the Resilience and Sustainability Facility (RSF) arrangement, approved in July 2023.

“The Executive Board’s decision allows for the immediate disbursements of SDR365.28 million (about US$485.8 million) under the EFF/ECF arrangements and SDR90.47 million (about US$120.3 million) under the RSF arrangement,” part of the statement reads.

According to the International Monetary Fund, the financing will support efforts to strengthen public finances and enhance resilience to climate shocks, while protecting priority social spending.

Follow our WhatsApp Channel and join our WhatsApp Group for real-time news updates.

IMF on Track with New Policies After Fall of Finance Bill. IMF on Track with New Policies After Fall of Finance Bill
President William Ruto and IMF Managing Director Kristalina Georgieva (r) speaking during a meeting in Rome, Italy, in January 2024. PHOTO/PCS

Tags: David NdiiEconomyNdii

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Joy Kwama

Joy Kwama

Mercy Joy Kwama is a Digital Correspondent at The Kenya Times who is dedicated to the art of storytelling, truth-telling and changing narratives. She covers diverse topics including politics, social justice, gender, humanitarian matters, and policy. Mercy is especially driven to amplify the voices of marginalized African communities and challenge the status quo. She is a graduate of Riara University with a degree in Communications and Multimedia Journalism and is well-equipped to navigate the complex landscape of news reporting. In her spare time, Mercy likes to pick up new skills including dancing, gardening, reading, and meeting new people. She can be reached at [email protected]

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Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
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