{
  "title": "Kenya: Third Review Under the Poverty Reduction and Growth Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Kenya",
  "publication": "IMF Staff Country Reports, January 22, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/kenya-third-review-under-the-poverty-reduction-and-growth-facility-arrangement-and-request-22637",
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  "summary": "This paper presents findings of the Third Review under the poverty reduction and growth facility arrangement for Kenya. The sharp spending increase budgeted for 2007/08 could exert pressures on domestic prices and compromise project quality, but the authorities are taking steps to mitigate these ris",
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    {
      "heading": "Summary",
      "content": "- Presents findings of the Third Review under the poverty reduction and growth facility arrangement for Kenya.\n- Notes a sharp spending increase budgeted for 2007/08 that could exert pressures on domestic prices and compromise project quality.\n- Authorities are taking steps to mitigate these risks and are committed to fully implementing the budget only if nonfood inflation remains low and project quality is maintained.\n- Reports that some aspects of governance have improved, but challenges remain.\n- Recommends broadening structural reforms in public financial management and accelerating financial sector reforms."
    },
    {
      "heading": "Fiscal stance and budgetary risks",
      "content": "- Sharp spending increase budgeted for 2007/08 could:\n  - Exert pressures on domestic prices.\n  - Compromise project quality.\n- Authorities’ conditional commitment:\n  - Will fully implement the budget only if nonfood inflation remains low and project quality is maintained.\n- Mitigation measures:\n  - Authorities are taking steps to mitigate the risks associated with the spending increase."
    },
    {
      "heading": "Inflation, monetary, and financial sector issues",
      "content": "- Inflation focus:\n  - Nonfood inflation is the explicit conditional metric for full budget implementation.\n- Financial sector reforms:\n  - Assessment states that financial sector reforms need to be accelerated."
    },
    {
      "heading": "Governance and public financial management",
      "content": "- Governance:\n  - Some aspects of governance have improved, but challenges remain.\n- Public financial management:\n  - Structural reforms need to be broadened."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Arrears, Banking, Economic and financial statistics, Expenditure, External debt, Government finance statistics, Health, HIV and AIDS, Monetary base, Money, Open market operations\n- Keywords: Africa, Arrears, authority, CR, Executive Board discussion, Global, Government finance statistics, government use, HIV and AIDS, ISCR, making Kenya, Monetary base, PRGF, PRGF arrangement, private sector development reform, SDR\n\n---\n\n Content in this bundle\n\n- cr0918\n  - cr0918 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr0918 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 22, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451821222.002",
    "Presents findings of the Third Review under the poverty reduction and growth facility arrangement for Kenya.",
    "Notes a sharp spending increase budgeted for 2007/08 that could exert pressures on domestic prices and compromise project quality.",
    "Authorities are taking steps to mitigate these risks and are committed to fully implementing the budget only if nonfood inflation remains low and project quality is maintained.",
    "Reports that some aspects of governance have improved, but challenges remain.",
    "Recommends broadening structural reforms in public financial management and accelerating financial sector reforms.",
    "Sharp spending increase budgeted for 2007/08 could:",
    "Authorities’ conditional commitment:",
    "Mitigation measures:",
    "Inflation focus:",
    "Financial sector reforms:",
    "Governance:",
    "Public financial management:",
    "Subject: Arrears, Banking, Economic and financial statistics, Expenditure, External debt, Government finance statistics, Health, HIV and AIDS, Monetary base, Money, Open market operations",
    "Keywords: Africa, Arrears, authority, CR, Executive Board discussion, Global, Government finance statistics, government use, HIV and AIDS, ISCR, making Kenya, Monetary base, PRGF, PRGF arrangement, private sector development reform, SDR",
    "**_cr0918**"
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