Nairobi, Kenya – (African Boulevard News) – International Monetary Fund (IMF) Managing Director Kristalina Georgieva and World Trade Organization (WTO) Head Ngozi Okonjo-Iweala have arrived in Nairobi, Kenya to address economic growth and inclusive development in the country.
Georgieva highlighted three primary reasons for her visit in a video message. First, she aims to discuss the economic impact of the COVID-19 pandemic, support Kenya’s reform agenda, and explore new ways to build a stronger and more resilient economy. Second, Georgieva aims to discuss how Kenya can accelerate its economic growth and job creation by embracing digital transformation, harnessing green technology and promoting regional integration. Lastly, the Managing Director and the WTO Head look forward to engaging with young people, students, and other stakeholders to discuss their vision for Kenya’s future.
The visit comes at a pivotal time for Kenya’s economy. The COVID-19 pandemic has had a significant impact on economic growth, with the country’s GDP contracting by 0.4% in 2020. Furthermore, unemployment has risen to 7.2%, with the youth population disproportionately affected.
The IMF has been working closely with Kenya to address the impact of the pandemic. In April 2021, the agency approved a $2.34 billion financing package to help the country recover from the pandemic’s economic impact. Moreover, in July 2021, the IMF approved a $407 million loan to support reforms aimed at reducing debt vulnerabilities, strengthening the financial sector, and improving the business environment.
Georgieva’s visit is an opportunity to discuss the country’s progress in implementing these reforms, as well as exploring new ways to enhance economic growth and job creation.
Director-General Ngozi Okonjo-Iweala’s visit will also be crucial in addressing Kenya’s economic growth. The WTO has been working closely with African countries to promote trade and support economic development. The organization has been advocating for African countries to participate in global value chains, promote women’s entrepreneurship, and modernize customs and trade facilitation procedures.
Okonjo-Iweala’s visit will be an opportunity to discuss how Kenya can leverage its trade potential to drive economic growth and create jobs for its citizens. She will also discuss how the WTO can support Kenya’s efforts to modernize its trade and customs procedures and promote regional integration.
Georgieva and Okonjo-Iweala’s visit is a clear indication of Kenya’s importance in global economic affairs. Their discussions will be crucial in shaping Kenya’s economic growth trajectory and ensuring an inclusive and resilient economy for all.
