IMF to review Kenya’s economic plan at end of August, Kenyan PM says

NAIROBI (Reuters) – Kenya has submitted an economic recovery plan to the International Monetary Fund (IMF) and expects the fund’s board to consider it for approval at a meeting in late August, the country’s chief minister said.

Kenya has been forced to quickly draft new spending cuts after widespread youth-led protests against tax hikes previously proposed by President William Ruto’s government left at least 50 people dead.

“The Treasury has had very robust engagement with the International Monetary Fund, even in the midst of the challenges we face,” Musalia Mudavadi, the chief minister, told parliament’s budget committee in remarks seen by Reuters on Tuesday.

He said the government has submitted its plan of economic policies and programs to the Fund, and it will be reviewed by the IMF’s executive board at the end of August.

“We wish and hope that Kenya’s proposal will receive favourable consideration so that we can overcome the challenges we face,” Mudavadi told the panel of lawmakers.