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

IMF Staff Country Reports, July 29, 2009

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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

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Bibliographic details

• Published: July 29, 2009
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781451821260.002

Executive summary and macroeconomic assessment

• 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:
  • Growth remains too slow for making inroads into poverty.
  • Governance remains a critical concern.

Program performance and fiscal/financial issues

• The PRGF-supported program:
  • Contributed to a rebound in economic growth.
  • Arrested the rise in domestic debt.
• Financial sector and supervisory topics listed under Subjects: Banking, External debt, Financial institutions, Loans, Poverty, Poverty reduction, Poverty reduction strategy, Public debt.

Subject tags and keywords (as provided)

• 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

International 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).

Content in this bundle

• Appendix III. Appendix IV updates the debt sustainability analysis. Appendix V summarizes
  • Appendix III. Appendix IV updates the debt sustainability analysis. Appendix V summarizes (Markdown version)
  • Appendix III. Appendix IV updates the debt sustainability analysis. Appendix V summarizes (PDF)