Kenya: Staff Report for the 2003 Article IV Consultation
IMF Staff Country Reports, July 9, 2003
Source details
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- Kenya: Staff Report for the 2003 Article IV Consultation
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Bibliographic details
- Published: July 9, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451821079.002
Summary findings
- Kenya showed low economic performance owing to governance problems and the slow pace of structural reforms.
- Executive Directors emphasized the need to lower public debt and tighten fiscal and monetary policies.
- The Executive Directors commended the anticorruption strategy and advised to improve governance, reform the tax system, and ensure fiscal sustainability.
- They stressed the need to align the Poverty Reduction Strategy Program (PRSP) to the budget and to strengthen public expenditure policy and banking supervision.
- They welcomed the decision of implementing the full PRSP and emphasized the need to implement the program without interruption.
Major policy recommendations
- Lower public debt.
- Tighten fiscal policy.
- Tighten monetary policy.
- Improve governance and advance anticorruption measures.
- Reform the tax system.
- Ensure fiscal sustainability.
- Align the Poverty Reduction Strategy Program (PRSP) to the budget.
- Strengthen public expenditure policy.
- Strengthen banking supervision.
- Implement the full PRSP without interruption.
Subject areas and keywords
- Subject: Commercial banks, Expenditure, External debt, Financial institutions, Imports, International trade, Public debt
- Keywords: Anticorruption legislation, borrowing requirement, Commercial banks, corruption legislation, CR, donor assistance, East Africa, government, Imports, ISCR, legislation, staff projection, supplementary budget