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IMF financial governance review may succeed where political leadership has failed
IMF should review how government-to-government deals are originated, negotiated and awarded, and especially how they are awarded to private firms on single-sourcing basis.
When President Moi unwillingly accepted IMF economic restructuring in early 1990s, Kenya was virtually bankrupt, with limited options for funding its budgets.
The cold war had just faded and with it the Western funding that had sustained corrupt regimes in Africa. IMF loans and grants to Kenya became conditional on economic reforms which significantly liberalised the economy, and inadvertently reversed gains in production value chains (industries, agriculture, mining, forestry) which have remained crippled to this date.
