IMF endorses Kenya’s sovereign wealth fund, urges strong governance frameworks
The IMF has endorsed Kenya's new Sovereign Wealth Fund while warning that strong governance and legal frameworks are essential for success. The fund is intended to manage natural resource revenues and reduce reliance on debt.
The National Treasury building in Nairobi Kenya's newly enacted Sovereign Wealth Fund Act has received an early endorsement of its ambitions but also a warning from the International Monetary Fund (IMF). In a report published last week, the international lender says countries establishing such investment vehicles must build strong legal and governance frameworks to safeguard public wealth and maintain investor confidence.
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