IMF apologises to Kenya over anti-gov't protests

In a press briefing, IMF spokesperson Julie Kozack expressed "deepest sympathy" to the youth who either lost their loved ones or incurred injuries during the protests.

She also defended the IMF’s position after facing backlash from Kenyans who accused the Fund of imposing tough conditions for Kenya to acquire funding.

Currently, Kenya has received Ksh.503 billion from the Fund to help in addressing economic issues affecting the country.

Kozack explained that low-income countries such as Kenya tend to experience challenges in striking a balance between sourcing funds and implementing higher budgetary measures.

She added that such countries are also burdened with raising the revenue needed to support their budget and hence end up borrowing from global financial institutions.

“Let me start by expressing our deepest sympathy to the people affected by tragic events in Kenya. Our hearts go out to those who have lost their lives, lost loved ones or suffered injuries. With respect to Kenya’s broader situation, it’s important to say that the situation reflects broader challenges facing many of our low-income members,” she said.

“Many of these countries are experiencing a funding squeeze including on account of tighter global financial conditions and reduced availability of concessional financing. Policymakers in these countries including Kenya face a complex balancing act; they have pressing spending needs in priority areas such as social programs, health and education. They are managing rising public debt and debt service. They also have the challenge of boosting domestic revenue.”

Kozack revealed that IMF’s goal is to help Kenya build sustainable growth, generate jobs for the young population and promote programs to assist the less fortunate in society.

She added that the organisation reviews how the funds are spent by a country in every cycle and makes adjustments if necessary after consulting with the government.

“We are currently working with the authorities to ensure that these objectives can be met and we recognise there’s a careful balance between providing public services and securing adequate financing,” she said.

“Our program also includes initiatives to improve governance and transparency, responsible use of public funds, safeguard social programs and social spending particularly to protect the most vulnerable members of society.”