Kenya: Request for Stand-by Arrangement and an Arrangement Under the Standby Credit Facility

International Monetary Fund

No 2015/031, IMF Staff Country Reports from International Monetary Fund

Abstract: Following the approval of a new constitution in 2010, the authorities have embarked on important reforms including fiscal devolution, VAT reform, and the overhaul of the expenditure management framework. Supported by a three-year ECF, which expired in December 2013 with all six reviews completed, Kenya has consolidated macroeconomic stability. Growth has been robust, inflation contained, debt remained sustainable and reserve buffers increased (Tables 1a and 1b and Figures 1 and 2). This progress in a market-friendly environment has continued to attract the interest of foreign investors. As a result, Kenya is recognized as a frontier market increasingly integrated in global financial markets. A Eurobond debut issue of US$2 billion (the largest in SSA so far) took place successfully in June followed by a $750 million re-tap in December.

Keywords: ISCR; CR; SDR; government; growth trajectory; monetary policy; reform; devolved government system; executive board's decision; county government; reform agenda; Credit; Imports; Domestic credit; Global (search for similar items in EconPapers)
Pages: 93
Date: 2015-02-05
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