{
  "title": "Kenya: 2004 Article IV Consultation, First Review Under the Poverty Reduction and Growth Facility, and Requests for Augmentation of Access, Rephasing of the Arrangement, and Waiver of Performance Criteria: Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Kenya",
  "publication": "IMF Staff Country Reports, July 29, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/kenya-2004-article-iv-consultation-first-review-under-the-poverty-reduction-and-growth-23138",
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  "summary": "This 2004 Article IV Consultation highlights that monetary policy of Kenya has been expansionary since 2003/04 to promote economic growth. This has, however, contributed to the recent rise in inflation.",
  "sections": [
    {
      "heading": "Executive summary and macroeconomic assessment",
      "content": "- Monetary policy of Kenya has been expansionary since 2003/04 to promote economic growth.\n- The expansionary monetary stance has contributed to the recent rise in inflation.\n- The PRGF-supported program has contributed to a rebound in economic growth and arrested the rise in domestic debt.\n- Executive Directors observed progress under the Poverty Reduction and Growth Facility (PRGF)-supported program.\n- Directors noted remaining serious challenges:\n  - Growth remains too slow for making inroads into poverty.\n  - Governance remains a critical concern."
    },
    {
      "heading": "Program performance and fiscal/financial issues",
      "content": "- The PRGF-supported program:\n  - Contributed to a rebound in economic growth.\n  - Arrested the rise in domestic debt.\n- Financial sector and supervisory topics listed under Subjects: Banking, External debt, Financial institutions, Loans, Poverty, Poverty reduction, Poverty reduction strategy, Public debt."
    },
    {
      "heading": "Subject tags and keywords (as provided)",
      "content": "- Subject: Banking, External debt, Financial institutions, Loans, Poverty, Poverty reduction, Poverty reduction strategy, Public debt\n- Keywords: Africa, CR, disbursement Kenya, East Africa, government, ISCR, Loans, Poverty reduction, Poverty reduction strategy, PRGF, PRGF arrangement, PRGF loan, Southern Africa, staff appraisal, Sub-Saharan Africa, supervisory authority\n\nInternational Monetary Fund. Kenya: 2004 Article IV Consultation, First Review Under the Poverty Reduction and Growth Facility, and Requests for Augmentation of Access, Rephasing of the Arrangement, and Waiver of Performance Criteria: Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Kenya (July 29, 2009).\n\n---\n\n Content in this bundle\n\n- Appendix III. Appendix IV updates the debt sustainability analysis. Appendix V summarizes\n  - Appendix III. Appendix IV updates the debt sustainability analysis. Appendix V summarizes (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Appendix III. Appendix IV updates the debt sustainability analysis. Appendix V summarizes (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/kenya-2004-article-iv-consultation-first-review-under-the-poverty-reduction-and-growth-23138/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/kenya-2004-article-iv-consultation-first-review-under-the-poverty-reduction-and-growth-23138/index.json)",
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    "Published: July 29, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451821260.002",
    "Monetary policy of Kenya has been expansionary since 2003/04 to promote economic growth.",
    "The expansionary monetary stance has contributed to the recent rise in inflation.",
    "The PRGF-supported program has contributed to a rebound in economic growth and arrested the rise in domestic debt.",
    "Executive Directors observed progress under the Poverty Reduction and Growth Facility (PRGF)-supported program.",
    "Directors noted remaining serious challenges:",
    "The PRGF-supported program:",
    "Financial sector and supervisory topics listed under Subjects: Banking, External debt, Financial institutions, Loans, Poverty, Poverty reduction, Poverty reduction strategy, Public debt.",
    "Subject: Banking, External debt, Financial institutions, Loans, Poverty, Poverty reduction, Poverty reduction strategy, Public debt",
    "Keywords: Africa, CR, disbursement Kenya, East Africa, government, ISCR, Loans, Poverty reduction, Poverty reduction strategy, PRGF, PRGF arrangement, PRGF loan, Southern Africa, staff appraisal, Sub-Saharan Africa, supervisory authority",
    "**Appendix III. Appendix IV updates the debt sustainability analysis. Appendix V summarizes**"
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