The International Monetary Fund (IMF) on Wednesday June 26, 2024 promised to keep up close collaboration with Kenya after Kenyans rejected the Finance Bill 2024, which has since been withdrawn.

The Bretton Woods institution issued a brief statement expressing its worry for the condition of affairs in Kenya following the deaths of numerous Kenyans in protests against the Finance Bill.

The global lender promised to assist Kenya in overcoming its challenging economic issues and disclosed that it was closely watching the country’s condition.

“Our thoughts are with all the people affected by the turmoil in the country,” read part of IMF’s statement.

“Our main goal in supporting Kenya is to help it overcome the difficult economic challenges it faces and improve its economic prospects and the well-being of its people.”

The IMF also pledged to work with the government to set up a path for inclusive, strong, and sustainable growth.

The IMF’s statement was released just a few hours after President Ruto announced he would not sign the controversial bill due to strong opposition from Kenyans.

During press briefing on Wednesday at State House in Nairobi, Ruto revealed that the Bill’s widespread disapproval resulted in fatalities, property destruction, and even the desecration of constitutional institutions.

“Notwithstanding all these concessions, it became evident that members of the public were still insisting on the need for us to make more concessions,” Ruto said.

“I am grateful to all the members of the National Assembly who voted yesterday affirmatively for the Finance Bill 2024 as amended on the floor of the House to incorporate the views generated in the public participation process,” he said.

As part of its suggestions to assist the nation in reducing its debt levels, the IMF has been pressuring Ruto’s administration to enact stringent austerity measures.

Experts state that higher taxes on a number of economic sectors were anticipated as a result of the IMF recommendations.