Kenya: 2023 Article IV Consultation—Sixth Reviews under EFF and ECF; Requests; First RSF Review
IMF Staff Country Reports, January 17, 2024
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- Kenya: 2023 Article IV Consultation—Sixth Reviews under EFF and ECF; Requests; First RSF Review
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Bibliographic details
- Published: January 17, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400264177.002
Executive summary and program status
- The paper covers: 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.
- The RSF arrangement is supporting the authorities’ climate agenda.
Main findings and macroeconomic assessment
- Steadfast implementation of the package of mutually reinforcing policies and reforms is identified as the key to:
- maintaining macroeconomic stability,
- strengthening debt sustainability,
- 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.
Policy recommendations and priorities
- Continue implementation of EFF/ECF program measures to preserve macroeconomic stability.
- Advance RSF-supported climate and resilience actions in coordination with fiscal and monetary policies.
- Sustain structural reforms aimed at:
- job creation,
- poverty reduction,
- greening the economy,
- strengthening market-driven growth.
- Design near-term policy responses that complement medium-term structural reforms to enhance resilience to shocks.
Thematic coverage and analytical scope
- Subject areas covered: Credit, Debt sustainability analysis, External debt, International organization, Monetary policy, Money, Public debt, Revenue administration.
- Keywords included in the document: Africa, AFRITAC East, biodiversity target, carbon markets regulation, Credit, Debt sustainability analysis, ECF arrangement, EFF arrangement, Global, State corporation.
IMF Staff Country Report: Kenya: 2023 Article IV Consultation—Sixth Reviews under EFF and ECF; Requests; First RSF Review; Staff Report; and Statement by the Executive Director for Kenya (January 17, 2024).
Content in this bundle
- 1kenea2024001