President William Ruto met with the newly appointed IMF Deputy Managing Director, Nigel Clarke, on Monday, December 9, 2024, at the State House in Nairobi.
Following the meeting, Ruto shared a statement on Twitter (X) highlighting the strong and positive partnership between Kenya and the IMF, which he credited for boosting the country’s economy.
Ruto emphasized that Kenya’s economic situation is improving, with the country’s debt burden easing and inflation dropping to 2.7%, the lowest level in 17 years. He also noted that Kenya’s foreign exchange reserves reached a historic high of $9.5 billion.
“In emerging from a difficult economic situation, Kenya has counted on the IMF and other partners,” Ruto said. “Additionally, production of the staple food, maize, and sugar is meeting national demand.”
Nigel Clarke, who assumed the role of IMF Deputy Managing Director on October 31, 2024, brings a wealth of experience to the position. He holds a PhD in Numerical Analysis from Oxford University, where he was a Rhodes Scholar, and a Master of Science in Applied Statistics as a Commonwealth Scholar.
Clarke also earned a Bachelor of Science in Mathematics and Computer Science from the University of the West Indies, where he was a Jamaica Independence Scholar.
Clarke previously served as Chairman of the Board of Governors for the Inter-American Development Bank and the Inter-American Investment Corporation in 2022. Before transitioning to public service, he held key roles in the Musson Group and Goldman Sachs, marking a distinguished career in both finance and public service.
Clarke was also Jamaica’s Minister of Finance and the Public Service and a Member of Parliament since 2018.
Kenya and the International Monetary Fund (IMF) have an excellent relationship that has yielded demonstrable results in the past 60 years. In emerging from a difficult economic situation, Kenya has counted on the IMF and other partners.
Our debt burden is easing, inflation is at… pic.twitter.com/xvbmaAewon
— William Samoei Ruto, PhD (@WilliamsRuto) December 9, 2024
