The IMF has initiated a governance review in Kenya to address corruption and promote economic growth. Prime Cabinet Secretary Musalia Mudavadi expressed support for the IMF’s assessment, aimed at implementing governance reforms. Under President Ruto’s commitment, legal changes are expected by July 2024 to curb corruption, alongside a scoping mission focusing on critical governance areas.
The International Monetary Fund (IMF) has commenced a thorough review of Kenya’s governance and corruption issues, as announced by a senior official. This assessment will assist the Kenyan government in implementing vital reforms aimed at combating corruption and fostering economic development. Prime Cabinet Secretary Musalia Mudavadi indicated this during a statement in Nairobi, following discussions with Rebecca A. Sparkman, deputy division chief at the IMF’s Fiscal Affairs Department.
Mudavadi expressed gratitude for the IMF’s initiation of a Governance Diagnostic Assessment, which will start with a preliminary scoping mission and culminate in a full assessment later this year. This initiative follows Kenyan President William Ruto’s commitment to amend relevant laws by July 2024, responding to pressures from young protesters advocating for enhanced accountability.
President Ruto’s proposed legal amendments aim to address corruption more effectively, targeting corrupt officials and those indulging in extravagant government expenditure amid prevailing economic hardships. The IMF has requested that Kenya intensify efforts to resolve budgetary and economic issues, especially in the wake of taxation reform protests that emerged in June 2024.
The forthcoming scoping mission will explore corruption vulnerabilities across six essential domains: fiscal governance, central bank oversight, financial sector supervision, market regulation, adherence to the rule of law, and measures against money laundering and terrorism financing. These efforts are critical for improving governance and bolstering economic performance in Kenya.
The IMF’s review of governance and corruption in Kenya aims to foster essential reforms for economic growth. The collaboration between the Kenyan government and the IMF illustrates a commitment to enhancing accountability and addressing public concerns about corruption, especially following protests demanding change. The successful implementation of proposed legal amendments by President Ruto could significantly impact the fight against corruption and improve governance within the country.
Original Source: www.socialnews.xyz
