The Mt Kenya Times 
Kenyan President William Ruto and Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), at the "New Global Financing Compact" summit in Paris on 22 June 2023. © Ammar Abd Rabbo/Abaca/Reuters
By: Joseph Mutua Ndonga
Worth Noting:
- So, for me, the critics claim that President William Ruto had surrendered his authority to the International Monetary Fund (IMF) and World Bank did not hold any water.
- Beside the removal of subsidies, the privatization of state corporations also stood out as one of the key pledges that Dr William Ruto, Kenya Kwanza presidential candidate, made during campaigns.
- As we know, the rules governing IMF and World Bank requires the two institutions to engage the sitting President. So, the critics’ claims were cheap, hollow and misplaced. President Ruto is implementing what he promised Kenyans.
- Yes, IMF headquarter is in America and the President has made a number of trips to that country.
A few days ago, I read a statement issued by the International Monetary Fund (IMF) and World Bank.
The Bretton Wood Institution had taken issue with President William Ruto for turning deaf ear to some of conditionalities they had imposed on Kenya.
They singled out the fuel subsidy. After assuming office, we held some discussions with Kenyan head of state. He agreed to remove the subsidies on food, fuel and other essential commodities. He has now reinstated them.
Here, the Bretton Wood opted to mislead Kenyans.
President Ruto had not changed his position.
On food security, he has since lived to his word of subsidizing the crop production and value additions.
The procurement and supply of the low cost fertilizer was one of the key interventions.
On petroleum products, he advised the Ministry of Energy to use Fuel Development Fund (FDF) to stabilize the prices.
Looking at the President’s interventions, one thing is clear. He has not been singing the song of IMF and World Bank parse. He always put the interest of Kenyans first. This explains why the Bretton wood was not comfortable with him.
So, for me, the critics claim that President William Ruto had surrendered his authority to the International Monetary Fund (IMF) and World Bank did not hold any water.
Beside the removal of subsidies, the privatization of state corporations also stood out as one of the key pledges that Dr William Ruto, Kenya Kwanza presidential candidate, made during campaigns.
As we know, the rules governing IMF and World Bank requires the two institutions to engage the sitting President. So, the critics’ claims were cheap, hollow and misplaced. President Ruto is implementing what he promised Kenyans.
Yes, IMF headquarter is in America and the President has made a number of trips to that country.
It is also true that President Ruto has been holding talks with the President of IMF.
You cannot however use this as a basis of making such claims.
The recent social media reports have been alleging that Dr Ruto has so far signed up foreign loans worth billions of shillings.
In most cases, the critics would come out of blue to publish these alarming claims.
They would not tell us where they got this information.
As a way of fooling the masses, they would feature a photo of the Kenyan head of state and the President of IMF taken a long time ago.
Ruto’s critics would further allege. Ruto said during the campaigns that his administration will never go for foreign loans.
Today, he is doing the opposite. He had borrowed more than his predecessor. I would call this a big lie because they were yet to provide any documentary evidence. I would have expected them to do a scientific and well-researched comparative analysis.
What Dr Ruto meant during the campaign is that he will reduce in a big way the insatiable appetite for borrowing foreign loans that was the hallmark of the previous administration.
He has kept his word. The money that his administration has borrowed so far is a drop in the ocean. Opposition leaders have exaggerating figures for obvious reasons.
It is worth noting that the IMF and World Bank have been partnering with many countries across the world.
In Kenya, the two institutions have been working together with the leaderships of the successive governments of Independent Kenya. This is on matters of resuscitation of economy and development.
During President Moi’s era, the public opinion was divided. Some supported the conditionalities and others argued Bretton wood had imposed bitter pill.
President Moi had formed a team, dubbed the Dream Team, to coordinate and oversee the implementation of the SAPS. The team was led by Richard Leakey.
Besides, William Ruto’s predecessors Mwai Kibaki and Uhuru Kenyatta have had engagements with Bretton Wood Institutions. This heralded in accepting the loans they offered and conditionalities attached.
Each administration would also prioritize on the issue of enhancing and expanding tax collection base. This is by drafting and enacting tax regime to fast track the process. President Kibaki is the one who had coined a slogan ‘Kulipa Ushuru Ni Kujitegemea’.
A day had been set aside to cerebrate and reward Kenyans who paid their full taxes on time, thus complying with tax laws and regulations. Just like Ruto, Kibaki and Uhuru would mince no in calling on tax man to pursue tax defaulters. Every Kenyan must pay their taxes.
Some of Uhuru’s meetings with Bretton Wood were held in US.
He had also made numerous trips to the USA. At one point, it dawned on President Uhuru that the economy was doing badly.
In the meantime, the Bretton Institutions were pilling pressure on him to allow them to intervene. He had no option but to succumb.
So, President Ruto took over at a time when the IMF and World Bank had already rolled out their prescriptions. His predecessor had signed them. It is therefore hard for Dr Ruto to get out. Uhuru is one who had been held hostage. Ruto is working hard to undo this.
He has so far made great strides towards rebuilding of our economy. He knows this is only way that can make them leave our country on their own volition.
Joseph Mutua Ndonga is a writer and political analyst based in Nairobi
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