WASHINGTON

The International Monetary Fund (IMF) said Wednesday that it is closely monitoring the situation in Kenya with a goal of helping the African country overcome economic challenges.

"The IMF is closely monitoring the situation in Kenya. Our main goal in supporting Kenya is to help it overcome the difficult economic challenges it faces and improve its economic prospects and the well-being of its people," IMF Director of Communications Julie Kozack said in a statement.

Expressing deep concern over the recent events in Kenya, Kozack said the IMF is committed to working together with Kenya to charter a course towards "robust, sustainable and inclusive" growth.

Kenyan President William Ruto on Wednesday withdrew planned tax hikes, bowing to pressure from protesters who had stormed parliament and launched demonstrations across the country that claimed the lives of more than 20 people.