Managing Director of the International Monetary Fund (IMF) Christine Lagarde lauded Kenya's recent economic development, but cautioned about the eventual formation of an East African Community (EAC) monetary union. "The economy is growing ... and the direction is good. Inflation has been tamed, public finance is a lot healthier than it was, deficit has gone down and will continue to go down, and the debt is at reasonable levels," Lagarde said in an interview with Kenya's NTV on Wednesday ( January 8th ). "So all in all I would say that the economy is faring a lot better and will continue to do so." She also praised the goal of forming an EAC monetary union, but warned that the initiative should be undertaken with caution. "As a member of the Monetary Union of Europe , I have to tell you that it is a very exciting ambitious project, but one where as Aristotle would put it, 'hasten slowly. Don't rush,'" Lagarde told Kenya's Capital FM.
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