Tuesday, August 13, 2024 - Former Public Service Cabinet Secretary Moses Kuria has predicted that the Kenyan economy will weaken if the International Monetary Fund (IMF) fails to cushion the Kenyan Shilling.
This revelation comes after the
Central Bank of Kenya (CBK) Governor Kamau Thugge revealed that the country is
expecting upwards of Ksh181 billion disbursement from the IMF.
Speaking during an evening
broadcast on Citizen TV, Kuria painted a grim picture of the nation's financial
health.
He emphasized Kenya's heavy
reliance on international financial institutions like the IMF and the World
Bank, especially in the wake of the recent public backlash against the
controversial Finance Bill 2024.
The former CS pointed to the
diplomatic maneuvering required by President William Ruto to maintain Kenya's
standing with these global lenders.
Kuria did not mince words about the gravity of the situation.
"If IMF doesn't come through by the end of
this month, in another 19 days, this shilling might hit Ksh170," he
warned, adding that he would be praying for Mbadi's success in keeping the IMF
on board.
He further advised Mbadi to
meticulously manage the upcoming financial challenges, particularly the
maturing loans that will need to be addressed shortly.
The Kenyan DAILY POST
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