Ruto Holds High-Level Talks with IMF, IFC Leaders to Boost Kenya’s Economic and Infrastructure Investments
Ruto and Georgieva discussed expanding opportunities for Kenya’s economic growth, agreeing to forge what the President described as a “forward-looking partnership” rooted in transparency and strong economic governance
By : Mweru Mbugua
President William Ruto on Wednesday held separate meetings with International Monetary Fund (IMF) Managing Director Kristalina Georgieva and International Finance Corporation (IFC) Managing Director Makhtar Diop during his U.S. tour in Washington D.C., aiming to strengthen Kenya’s economic partnerships and attract major development investments
Ruto and Georgieva discussed expanding opportunities for Kenya’s economic growth, agreeing to forge what the President described as a “forward-looking partnership” rooted in transparency and strong economic governance
He praised the IMF for its consistent support in Kenya’s economic transformation journey, citing its role in external debt management and technical assistance across key sectors
“Through the dedicated support of our international partners, including the IMF, Kenya’s economy has recorded notable progress, rising from the eighth to the sixth-largest on the continent in just two years,” Ruto said in a statement
The President also met IFC chief Makhtar Diop to advance discussions on development financing, particularly the establishment of a Kenya Infrastructure Fund that has already attracted strong international interest
Ruto revealed that an IFC delegation is expected in Nairobi early next year to explore investments in energy and infrastructure including the modernisation of Jomo Kenyatta International Airport (JKIA) through a Public Private Partnership (PPP) model
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Other key areas under discussion include expansion of major roads and increased generation and transmission of geothermal, hydro, and wind power
Additionally, Ruto welcomed the decision by the U.S. International Development Finance Corporation (DFC) to proceed with a Ksh.129.8 billion ($1 billion) debt-for-food security swap
The agreement will allow Kenya to replace expensive debt with cheaper financing, with the savings directed to programmes aimed at strengthening food security
The engagements form part of Ruto’s broader push to secure new development partnerships and reinforce Kenya’s economic resilience
