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

Author: International Monetary Fund. African Dept.

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

Volume/Issue: Volume 2021 Issue 072

Publication date: April 2021

ISBN: 9781513576633

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , ECF arrangement , financing strategy , debt vulnerability , financing package , support package , procurement information portal , Kenya's debt , development partner , COVID-19 , Credit , Global

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Summary

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 also 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.