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Tied at the hip: Ruto's budget funding plan reveals IMF and World Bank influence on economy

Business

By Brian Ngugi | Dec 20, 2023

Audio By Vocalize

**President William Ruto** **together with the European Union President Ursula von der Leyen during the signing of the Kenya-EU Economic Partnership Agreement, State House, Nairobi.** [PCS]

President William Ruto has said that money from institutions such as the International Monetary Fund (IMF) and the World Bank is crucial to support the economy, even as the country grapples with record inflation, fiscal imbalances and low reserves.

Kenya could default on repaying the $2 billion (Sh306 billion) Eurobond, which is set to mature in June next year, in the absence of bailouts and painful economic programmes from the Bretton Woods institutions, he said during Sunday's national address with various television stations.

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