RUTO PUSHES ECONOMIC PARTNERSHIPS

On Wednesday, President William Ruto had a meeting with the IMF Managing Director Kristalina Georgieva, during which they talked about opportunities for Kenya's economic growth to be expanded. Ruto, who was on a U.S. tour in Washington D.C., stated that they had agreed to a "forward-looking partnership" that would be built on a common promise to a transparent and a strong economic governance.

President Ruto spoke highly of the IMF's role, calling it a helpful collaborator in the transformation of Kenya's economy. He specifically pointed out that the IMF's expertise in the management of external debts and provision of technical assistance across key sectors of the economy had been invaluable.

"In the past two years, the support of our international partners, IMF included, has led to notable development in the economy of Kenya, which has moved from the eighth to the sixth largest economy in Africa," he said in a statement.

"We are very grateful for this support and we will continue to strengthen our partnerships as we work towards economic resilience, faster development, and a decent living for all Kenyans."

Ruto also talked with the IFC Chief Executive Makhtar Diop about a new financing approach for Kenya's development, which includes the very creation of an Infrastructure Fund that has recently attracted a lot of attention from potential partners.
He revealed that the Kenya is likely to receive an IFC team in the early part of next year, to continue talking about investments in the areas of energy and infrastructure, especially the upgrading of Jomo Kenyatta International Airport (JKIA) under the Public-Private Partnership model.

"Other possible areas of collaboration are the construction of major roads, geothermal, hydro and wind power generation, and transmission," he added.
Ruto was also pleased with the DFC's decision to go ahead with the $1 billion (Ksh.129.8 billion) debt-for-food security swap which will enable Kenya to get rid of the expensive current debt and take up a new low-cost loan the prerequisite being that it invests the difference in projects to enhance food security.