7 January 2014

Kenya: Statement by IMF Managing Director Lagarde at the Conclusion of Her Visit to Kenya

Photo: IMF/Stephen Jaffe
International Monetary Fund Managing Director Christine Lagarde (L) meets with Mali's Minister of Economy and Finance Bouare Filly Sissoko (R) at the Bamako International Airport January 8, 2014 at in Bamako, Mali. Lagarde is on a two country visit to Africa.


Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Nairobi at the conclusion of her visit to Kenya:

“I wish to thank President Kenyatta, Treasury Secretary Rotich, Central Bank Governor Ndung'u, and other senior government officials for their warm hospitality and our fruitful discussions. I also had valuable exchanges with parliamentarians, civil society organizations, women leaders, and the private sector. The depth of our discussions and the passion of the participants were very impressive.

“I congratulated President Kenyatta and his colleagues for the remarkable progress made over the last few years. Kenya’s economic conditions have continued to improve thanks to a far-reaching reform agenda. The external and fiscal positions are now stronger, inflation has been tamed, the economy has maintained solid growth, and rapidly expanding financial inclusion has given millions of Kenyans a stronger stake in the economy. In short, Kenya has achieved the objectives set by its economic program and supported by the IMF.

“While recognizing this progress, we agreed that it will be important to continue to implement the reform agenda to bring the economy to middle-income status within the next decade. Sustained and even more inclusive growth that creates jobs is essential to ensure that all Kenyans can benefit.

Three areas merit particular emphasis. First, continued and careful implementation of fiscal devolution is essential. Second, the quality of public spending needs to improve by providing more resources to infrastructure investment and social programs, and by strengthening revenue mobilization and transparency, especially in the management of natural resource wealth. Third, the process of regional integration needs to continue, drawing upon the experience and lessons learned from other regions.

“I am impressed with the efforts of the Kenyan government and people to advance their country’s success as a frontier economy, and am confident in Kenya’s continued progress. The IMF has always been Kenya’s steadfast partner—and will remain so into the future.”

Copyright © 2014 International Monetary Fund. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.