RUTO runs to IMF and World Bank for help after Kenya was grey-listed for being a money laundering haven

Wednesday, February 28, 2024 – The grey-listing of Kenya as a money laundering haven has shaken the entire administration of President William Ruto, so much so that the president has been forced to seek help from foreign powers.

While appearing before the National Assembly Committee on Public Debt and Privatization, Treasury Cabinet Secretary Njuguna Ndung’u stated that Kenya will be seeking help from global monetary institutions including the World Bank and the International Monetary Fund (IMF) to exit the Financial Action Task Force's grey list.

The CS noted Kenya would also seek validation from the United States, the European Union, and the United Kingdom.

According to the CS, the multilateral donors had pledged support for Kenya to aid the country comply with FATF regulations on curbing money laundering. 

"We are going to get a lot of technical assistance from IMF, World Bank, the EU has promised a lot of critical support, also the US and the UK. 

"We are going to come up with a timetable of how we are going to work across our institutions," the CS stated.

UK, US, IMF, and World Bank would further aid Kenya in its debt liability management and prevent it from exposure to such incidents as grey-listing and debt distress.

A grey list includes countries under increased monitoring by the Financial Action Task Force due to certain deficiencies in anti-money laundering regulations.

However, efforts put by the countries to counter money laundering, terrorism, and weapons of mass destruction are appreciated. 

The Kenyan DAILY POST