Kenya:Fourth Reviews Under the Extended Arrangement under the Extended Fund Facility and under the Arrangement under the Extended Credit Facility, and Requests for Augmentation of Access under the Arrangement under the Extended Credit Facility, and Mo

Fourth Reviews Under the Extended Arrangement under the Extended Fund Facility and under the Arrangement under the Extended Credit Facility, and Requests for Augmentation of Access under the Arrangement under the Extended Credit Facility, and Modifications of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Kenya

Kenya: Fourth Reviews Under the Extended Arrangement under the Extended Fund Facility and under the Arrangement under the Extended Credit Facility, and Requests for Augmentation of Access under the Arrangement under the Extended Credit Facility
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Volume/Issue: Volume 2022 Issue 382
Publication date: December 2022
ISBN: 9798400226526
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Topics covered in this book

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Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , monetary policy stance , Kenyan authorities , policy objective , steadfast effort , target band , reinforcing Monetary , Debt sustainability analysis , Inflation , Global

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Summary

Kenya is navigating a turbulent global backdrop marked by volatile commodity prices, slowing growth in key trading partners, and constrained frontier market access to international capital markets. At home, a smooth transition following the August elections demonstrated Kenya’s increasing institutional strengths, while the multi-season drought has worsened food insecurity for vulnerable populations in arid and semi-arid regions and kept food prices elevated. Strong tax overperformance in FY2021/22 helped cushion some of these shocks, and the administration of President Ruto eliminated petrol subsidies in their first week in office. Inflation has breached the central bank (CBK) target band, and monetary policy has been tightened by 175 basis points this year. Foreign reserves are adequate, but lower than previously projected given shortfalls in FY2021/22 external public commercial and project financing, spending cuts in FY2022/23 also extending to externally-financed projects, and the prospects for continued challenging market conditions for frontier economies into 2023.