President William Ruto on Monday, December 9, 2024, held a meeting with the newly appointed International Monetary Fund (IMF) Deputy Managing Director Nigel Clarke at the State House in Nairobi.

In a statement on X moments after the meeting, Ruto hailed the relationship between Kenya and IMF which he says has yielded positive results to the Kenyan economy.

According to Ruto, Kenya’s debt burden is easing and inflation is at 2.7 per cent – the lowest in 17 years, while foreign exchange reserves at $9.5 billion are the highest ever.

“Kenya and the International Monetary Fund (IMF) have an excellent relationship that has yielded demonstrable results in the past 60 years. In emerging from a difficult economic situation, Kenya has counted on the IMF and other partners. Our debt burden is easing, inflation is at 2.7 per cent – the lowest in 17 years, while foreign exchange reserves at $9.5 billion are the highest ever,” Ruto stated.

“Additionally, production of the staple food, maize, and sugar is meeting national demand. Met IMF Deputy Managing Director Nigel Clarke, State House Nairobi. Congratulated him on his new appointment and wished him well.”

Clarke appointed IMF Deputy MD

Clarke assumed the role of Deputy Managing Director at the IMF on October 31, 2024.

Before joining the IMF, Mr. Clarke served as Jamaica’s Minister of Finance and the Public Service, and a Member of Parliament, since March 2018.

Prior to this, he served as Ambassador of Economic Affairs from 2016.

“During this period, he stewarded his country’s economy to a stronger and more sustainable position. He spearheaded ambitious national reforms, including central bank independence, creation of an independent fiscal commission, as well as other tax policy, public body governance, public procurement, public sector compensation, and public investment management reforms. He also led Jamaica’s economic policy response to the COVID-19 pandemic with innovative and well-targeted policy support and completed privatizations and public-private partnerships of major infrastructure assets,” IMF stated after his appointment.

In 2022, Clarke was elected Chairman of the Board of Governors of the Inter-American Development Bank and the Inter-American Investment Corporation.

Prior to his public service career, he was Vice Chairman and Chief Financial Officer of the Musson Group, a regional conglomerate, having started his career as an Equity Derivatives Trader at Goldman Sachs in London.

Clarke holds a PhD in Numerical Analysis from Oxford University where he was a Rhodes Scholar, and a Master of Science Degree in Applied Statistics, also from Oxford, while he was a Commonwealth Scholar.

He also holds a Bachelor of Science Degree in Mathematics and Computer Science from the University of the West Indies where he was a Jamaica Independence Scholar.