Kenya's Controller of Budget, Margaret Nyakang’o, urges the government to diversify sources for funding the national budget. She warns that excessive reliance on the International Monetary Fund (IMF) could weaken the government's position.
Margaret Nyakang’o, Kenya's Controller of Budget, has issued a warning to the government regarding the risks of heavy dependence on the International Monetary Fund (IMF) for national budget financing. In her statement, Nyakang’o calls on the government to seek alternative funding sources to avoid becoming a puppet of the international organization.
According to Nyakang’o, excessive reliance on the IMF could lead to a weakening of the country's financial sovereignty. The Kenyan government has been receiving support from the IMF, but Nyakang’o emphasizes the need to build domestic capacity for public funding. This relates to government efforts under the Public Finance Management Act, including the National Infrastructure Fund (NIF).
Critics from the Consumers Federation of Kenya (Cofek) have echoed these views, stating that the government should avoid accumulating debt from international loans. The government has not yet issued an official response to this warning.
