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IMF chief due in Kenya to deepen partnership

Updated: 2014-01-03 20:02
( Xinhua)

NAIROBI - International Monetary Fund (IMF) Managing Director Christine Lagarde will visit Kenya from January 5 to 8 to help underline the strong partnership with the East Africa's biggest economy.

A statement from the IMF said Lagarde will hold meetings with President Uhuru Kenyatta and members of his cabinet.

The IMF official had previously visited Cote d'Ivoire, Malawi, Niger, Nigeria, and South Africa.

"She will also meet parliamentarians, women leaders, and civil society, and deliver a speech to private sector leaders," the statement said.

The visit comes after the Bretton Wood institution approved 110. 2 million US dollars loan for Kenya, saying improved policies have placed the East African nation in a good position to tap global financial markets.

IMF said that Kenya's macroeconomic conditions have continued to improve in the wake of broad reforms supported by the IMF's extended credit facility.

"Strong policy ownership has allowed the authorities to respect all the structural benchmarks under the program. Kenya has made significant inroads with reforms of its expenditure and tax systems, as well as of business and financial regulatory frameworks," it said on December 4.

The East African nation's Treasury officials expect its economic growth to pass 7 percent mark by 2017.

"I am very much looking forward to my visit to underline the Fund's strong partnership with Kenya, one of the most dynamic economies in a region that has been a bright spot in the global economy," Lagarde said ahead of her trip.

"Kenya has emerged as one of Africa's 'frontier economies', and I am very interested in learning how the country's leaders and people will build on this success moving forward."