Kenya: 2023 Article IV Consultation-Sixth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements, Requests for Augmentations of Access, Modification of Performance Criteria, Waiver of Nonobservance of Performance Criteria, Waiver of Applicability of Performance Criteria, and First Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Kenya

International Monetary Fund

No 2024/013, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses 2023 Article IV Consultation, Sixth Reviews under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) Arrangements, Requests for Augmentations of Access, Modification of Performance Criteria, Waiver of Nonobservance of Performance Criteria, Waiver of Applicability of Performance Criteria, and First Review under the Resilience and Sustainability Facility (RSF) Arrangement. Performance under the EFF/ECF arrangements is aligned with the program’s objectives, while the RSF arrangement is supporting the authorities’ climate agenda. Steadfast implementation of the package of mutually reinforcing policies and reforms is the key to maintaining macroeconomic stability, strengthening debt sustainability, and building buffers against shocks. Near-term policy responses should complement measures needed to bolster Kenya’s medium-term prospects toward a vibrant, inclusive, green, and market-driven economy. Unlocking Kenya’s potential and realizing its positive medium-term prospects will require resolute efforts at sustaining structural reforms to support more job creation, poverty reduction, and making the economy greener and more resilient.

Keywords: ECF arrangement; biodiversity target; carbon markets regulation; EFF arrangement; State corporation; AFRITAC East; Credit; Debt sustainability analysis; Global; Africa (search for similar items in EconPapers)
Pages: 233
Date: 2024-01-17
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