Kenya’s encounter with IMF loans in the 1990s serves as a stark reminder of the perils associated with external debt. This article unravels the story, shedding light on how the IMF’s conditionalities, such as the imposition of a value-added tax (VAT) on fuel, can lead to short-term fiscal boosts and long-term economic downturns. Examining the pitfalls of IMF-imposed SAPs, it urges developing nations to exercise caution and prioritize sustainable economic growth over quick fixes.
Budget 2023/24 highlights major legal and institutional reforms aimed at fostering growth for MSMEs and marginalized groups. This includes financial sector stability, enhanced payment systems, pension coverage expansion, and insurance sector growth