{
  "title": "IMF Staff Concludes Visit to Kenya",
  "publication": "IMF News, November 22, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/11/22/pr19429-kenya-imf-staff-concludes-visit-to-kenya",
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  "summary": "A staff team from the International Monetary Fund (IMF), led by Benedict Clements, visited Kenya from November 18-22, 2019, to discuss recent economic developments and the government’s reform plans.",
  "publishDate": "2019-11-22",
  "sections": [
    {
      "heading": "Mission and meetings",
      "content": "- A staff team from the International Monetary Fund (IMF), led by Benedict Clements, visited Kenya from November 18-22, 2019, to discuss recent economic developments and the government’s reform plans.\n- Another mission is planned in early 2020 to hold discussions on a new precautionary stand-by arrangement and undertake the Article IV consultation discussions.\n- The team met with:\n  - Cabinet Secretary for the National Treasury, Mr. Ukur Yatani\n  - Governor of the CBK, Dr. Patrick Njoroge\n  - Head of the Public Service, Dr. Joseph Kinyua\n  - Principal Secretary for the National Treasury, Dr. Julius Muia\n  - Deputy Governor of the CBK, Ms. Sheila M’Mbijjewe\n  - Senior government and CBK officials, private sector representatives, and development partners"
    },
    {
      "heading": "Growth and inflation",
      "content": "- Real GDP growth averaged 5.6 percent in the first half of 2019.\n- Growth is expected to accelerate in the second half of 2019 and 2020.\n- Inflation stood at 5.0 percent in October (year-on-year) and has remained within the target band."
    },
    {
      "heading": "External sector and reserves",
      "content": "- The current account deficit has narrowed.\n- Foreign exchange reserves are adequate."
    },
    {
      "heading": "Credit, financial reforms, and monetary policy",
      "content": "- Credit growth remained low at 6.6 percent year-on-year in October.\n- Credit is expected to rise steadily because of:\n  - The recent elimination of interest rate controls\n  - Deployment of innovative credit products targeting small enterprises\n- Staff welcomes these reforms, noting they will support higher and more inclusive growth.\n- The elimination of the interest rate controls will also provide greater flexibility for monetary policy."
    },
    {
      "heading": "Fiscal situation and policy recommendations",
      "content": "- The budget deficit reached 7.7 percent of GDP in FY2018/19.\n- The authorities aim to significantly reduce the deficit.\n- IMF staff emphasize that progress toward fiscal consolidation is important, including:\n  - The design of tax and expenditure reforms that support a growth-friendly fiscal consolidation\n  - Such progress would be important to anchor a new Fund-supported program\n\nSource: IMF press release, November 22, 2019.\n\n---\n\n\n References\n\n- Kenya and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/11/22/pr19429-kenya-imf-staff-concludes-visit-to-kenya"
    }
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    "Published: November 22, 2019",
    "A staff team from the International Monetary Fund (IMF), led by Benedict Clements, visited Kenya from November 18-22, 2019, to discuss recent economic developments and the government’s reform plans.",
    "Another mission is planned in early 2020 to hold discussions on a new precautionary stand-by arrangement and undertake the Article IV consultation discussions.",
    "The team met with:",
    "Real GDP growth averaged 5.6 percent in the first half of 2019.",
    "Growth is expected to accelerate in the second half of 2019 and 2020.",
    "Inflation stood at 5.0 percent in October (year-on-year) and has remained within the target band.",
    "The current account deficit has narrowed.",
    "Foreign exchange reserves are adequate.",
    "Credit growth remained low at 6.6 percent year-on-year in October.",
    "Credit is expected to rise steadily because of:",
    "Staff welcomes these reforms, noting they will support higher and more inclusive growth.",
    "The elimination of the interest rate controls will also provide greater flexibility for monetary policy.",
    "The budget deficit reached 7.7 percent of GDP in FY2018/19.",
    "The authorities aim to significantly reduce the deficit.",
    "IMF staff emphasize that progress toward fiscal consolidation is important, including:",
    "[Kenya and the IMF](http://www.imf.org/external/country/KEN/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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