IMF urges transparency in Ruto’s privatisation deals
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President William Ruto meets with IMF Managing Director Kristalina Georgieva on the sidelines of COP27 in Sharma El-Sheikh, Egypt on September 21, 2023.
The International Monetary Fund has called on President William Ruto's administration to establish a clear and transparent framework for its ongoing privatisation of State-owned firms, citing public benefit concerns.
This comes as President Ruto reiterates plans to sell stakes in major entities like Kenya Pipeline Company and a portion of Safaricom, despite existing public divisions and a court order that temporarily suspended the privatisation process for 11 entities.
The government's privatisation programme, which includes 11 State-controlled entities worth over Sh190 billion, has faced criticism for a lack of transparency, particularly highlighted by the recent leasing of four sugar factories.
The International Monetary Fund (IMF) has urged President William Ruto’s administration to ensure the ongoing privatisation of State-owned firms is guided by a clear and transparent framework to guarantee public benefit.
The Bretton Woods institution’s comments came a day after President Ruto reiterated plans to sell key stakes in select entities including Kenya Pipeline Company (KPC), even as the public remains divided over how the privatisation process is being handled.
