Kenya: Requests for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility — Press Release; Staff Report; and Statement by the Executive Director for Kenya
IMF Staff Country Reports, April 6, 2021
Source details
- Canonical URL
- Kenya: Requests for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility — Press Release; Staff Report; and Statement by the Executive Director for Kenya
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Bibliographic details
- Published: April 6, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513576633.002
Executive summary and context
- Kenya has been hit hard by the COVID-19 pandemic.
- Despite a forceful policy response by the authorities, the socio-economic impact has been significant.
- The shock has exacerbated the country’s pre-existing fiscal vulnerabilities, pushing Kenya into high risk of debt distress.
- While the economy is now recovering, fiscal and balance-of-payments financing needs remain sizable over the medium term.
Key findings and assessments
- The pandemic produced significant socio-economic damage despite forceful policy measures.
- Pre-existing fiscal vulnerabilities were made worse by the shock.
- Kenya is currently classified as being in high risk of debt distress.
- Economic recovery is underway but financing needs (fiscal and balance-of-payments) remain sizable over the medium term.
Subject coverage and keywords
- Subject: COVID-19, Credit, External debt, Health, International organization, Monetary policy, Money, Public debt, Revenue administration
- Keywords: COVID-19, Credit, debt vulnerability, development partner, ECF arrangement, financing package, financing strategy, Global, Kenya's debt, procurement information portal, support package
Content in this bundle
- 1kenea2021002