A visiting team from the International Monetary Fund (IMF) has concluded a two-week mission to Kenya, holding discussions with senior government officials and key stakeholders on the country’s economic outlook and potential reform agenda. The visit, which ran from September 25 to October 9, 2025, aimed to assess Kenya’s current fiscal position and explore areas for an IMF-supported program that could help stabilize public finances and foster sustainable growth.
Led by Haimanot Teferra, the IMF staff team engaged with top officials including President William Ruto, National Treasury Cabinet Secretary John Mbadi Ng’ongo, and Central Bank Governor Kamau Thugge. The mission also involved consultations with Parliament, civil society representatives, and private sector players.
According to a statement released by the IMF, the discussions focused on assessing Kenya’s macroeconomic and financial sector developments, fiscal policy sustainability, and governance frameworks. The mission was part of ongoing engagement between the IMF and the Kenyan government, following a period of economic turbulence marked by rising debt levels and inflationary pressures.
“The IMF staff team made progress in taking stock of the latest macroeconomic and financial sector developments, assessing the economic outlook, and holding initial discussions with the Kenyan authorities and other stakeholders on a reform agenda that could pave the way for an IMF-supported program,” Ms. Teferra said.
The policy discussions revolved around measures to enhance fiscal credibility, strengthen debt management, and improve public sector efficiency. Kenya’s fiscal deficit has widened in recent years amid mounting external debt repayments and constrained revenue performance, prompting renewed calls for disciplined expenditure and policy reforms.
The IMF mission emphasized the need for Kenya to enhance fiscal policy credibility and ensure the sustainability of public finances and debt. These measures, according to the Fund, are critical in minimizing fiscal, financial, and external sector risks.
The Fund also underscored the importance of improving governance and transparency in public financial management, areas that have historically been points of concern among international lenders and development partners.
Kenya’s economy, one of East Africa’s largest, has shown resilience despite global economic headwinds, but continues to grapple with high debt servicing costs and currency depreciation. Analysts note that the government’s success in implementing structural reforms will be key to restoring investor confidence and unlocking external financing.
“We welcome the Kenyan authorities’ candid engagement and remain steadfast in our commitment to partnering with Kenya to secure a more robust, sustainable, and inclusive economic future for all Kenyans,” Ms. Teferra added.
The IMF team is expected to return to Washington, D.C., to conduct further technical analysis and continue discussions with Kenyan authorities during the upcoming IMF Annual Meetings. The outcome of these deliberations could determine whether Kenya secures additional support under a new IMF program.
The IMF’s engagement with Kenya has been instrumental in shaping fiscal reforms and financial stability measures in the past. Its previous programs helped the country navigate external shocks and maintain budgetary support during the COVID-19 pandemic and subsequent global inflation crisis.
The Kenyan government has previously indicated its openness to working closely with international partners to implement reforms that will bolster long-term economic resilience. The Treasury has emphasized plans to expand the tax base, improve debt transparency, and reduce reliance on short-term commercial borrowing.
“We thank the authorities and all our partners—representatives of the private sector, civil society, development partners, and other stakeholders in Kenya—for their hospitality, and for the constructive discussions and support during the visit,” the statement read.
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