CBK boss Patrick Njoroge and CS Henry Rotich to attend finance forum
By Paul Wafula
| October 10th 2015
NAIROBI: Central Bank of Kenya Governor Patrick Njoroge and Treasury Cabinet Secretary Henry Rotich flew to Peru for the annual World Bank and International Monetary Fund (IMF) meeting, leaving behind a country in dire financial strain.
The finance bosses, who have worked at the IMF, appear determined to implement the latest reforms spearheaded by the Bretton Woods institution even as it emerged that the current cash crisis was partly due to the prompt debt repayment agreed with the lender.
The meeting has brought together ministers of finance and central bank governors from the institutions’ 188 member countries to discuss international economic and financial developments, the state of the global economy, and policies to reduce poverty and promote inclusive economic growth.
“There is a salient risk in having people from just one background being in charge of all sectors of the economy. The IMF always has a straitjacket approach to things. If wage cuts work somewhere then it wants to implement that everywhere,” Kariithi Murimi, an economic analyst, said in an earlier interview.
Are IMF proposals to blame for Kenya’s cash crunch?The current cash crisis in government has been attributed to a decision by Kenyan authorities to implement tough conditions agreed with the International Monetary Fund (IMF) last month.
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