IMF stands for International Monetary Fund.
This is an international financial institution headquartered in the Washington DC and formed in 19's. It consist of 190 countries and aims at performing the following duties.
1. Support pandemic response.
2. Reduce poverty vulnerabilities.
3. Address weakness in state owned enterprises.
4. Support anti corruption framework.
In Kenya, the pandemic impact has recently risen over time. This has led to low economic development with poverty levels increasing as more debts tend to get larger.
IMF executive board has approved three year financing package of US $2.34 billion to support Kenya's pandemic response and economic reform program.
The Central Bank of Kenya’s proactive policy stance has provided essential support during a very challenging period. Monetary policy should remain accommodative in the context of the inflation targeting regime, the exchange rate should continue to function as a shock absorber, and close supervision of credit risks and provisioning should be maintained.
In conclusion, the Kenyan team in charge of finance thanks the authorities for their warmth hospitality and great concerns.
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