Kenya is a member of the International Monetary Fund (IMF). Explain five benefits Kenya enjoys from being a member of this institution (10 mks).
- Short-term loans can be got to correct balance of payment problems.
- The country gets access to advice on financial issues such as monetary and fiscal matters.
- The member countries get technical support in terms of personnel. This improves the level of local expertise.
- Member countries benefit from facilities for exchanging currencies.
- Member countries co-operation in international monetary issues. They can trade on better terms.
- Member states are assisted in the stabilization of their currency. This keeps inflation in check.
- The country’s personnel may be trained.
- Member countries are able to get support to facilitate international trade. This promotes job creation, economic growth and poverty reduction.