President William Ruto on Monday hosted the International Monetary Fund (IMF) Deputy Managing Director Nigel Clarke at State House where he congratulated him on his new appointment and wished him well.

In an update on the engagement, Ruto hailed the ‘excellent relationship’ between Kenya and IMF, saying it has yielded demonstrable results in the past 60 years. 

He also noted that Kenya has counted on the IMF and other partners while emerging from a difficult economic situation.

“Our debt burden is easing, inflation is at 2.7 per cent- the lowest in 17 years while foreign exchange reserves at $9.5 billion are the highest ever. Additionally, production of the staple food, maize and sugar is meeting national demand,” the President remarked.

The development comes nearly a month after the IMF executive board approved the Kenyan government’s request to access Ksh.78 billion loan to rebuild its fiscal policies.

The review came after the IMF concluded a meeting in determining the seventh and eighth reviews; a process that was disrupted in early June during the anti-government protests.

Following the meeting, the IMF exuded confidence that the funds would address Kenya’s challenge in reviving the country’s economic status.

IMF came into the picture during the tenure of former President Uhuru Kenyatta and his DP (now president) where a four year agreement was made.

President Ruto’s regime is expected to extend the program after it ends in April 2025.