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Tuesday, 15 July 2014

IMF advises Kenya to implement robust mining and monetary policies.

Kenya has to develop wise policies for natural resource management to mitigate geopolitical risks and weather related shocks, the International Monetary Fund mission to Kenya has said.

It told the government to also maintain a careful fiscal position consistent with the country’s medium term debt targets and strengthen capacity building in public financial management. It said the measures will strengthen the economy’s resilience from global shocks and support sustained growth.

“Once the recent oil and gas discoveries are confirmed to be commercially viable, they will have the potential to further accelerate economic growth and reduce drought-related risk and investment risks due to political changes,” head of the mission, Mauro Mecagni said.

He said Kenya’s strong reform record and economic performance in recent years shows a sustainable growth that is key in reaching the Vision 2030 development targets.

“Policies need to consolidate macroeconomic stability, address infrastructure gaps, and support the integration of the country in the global economy,” he said.

The IMF mission on Wednesday concluded a 14-day visit to Nairobi after holding consultation discussions with the state, the private sector and other stakeholders