Kenya: Request for Stand-by Arrangement and an Arrangement Under the Standby Credit Facility

February 5, 2015

Preview Citation

Format: Chicago

Kenya: Request for Stand-by Arrangement and an Arrangement Under the Standby Credit Facility, (USA: International Monetary Fund, 2015) accessed December 21, 2024

Summary

Following the approval of a new constitution in 2010, the authorities have embarked on important reforms including fiscal devolution, VAT reform, and the overhaul of the expenditure management framework. Supported by a three-year ECF, which expired in December 2013 with all six reviews completed, Kenya has consolidated macroeconomic stability. Growth has been robust, inflation contained, debt remained sustainable and reserve buffers increased (Tables 1a and 1b and Figures 1 and 2). This progress in a market-friendly environment has continued to attract the interest of foreign investors. As a result, Kenya is recognized as a frontier market increasingly integrated in global financial markets. A Eurobond debut issue of US$2 billion (the largest in SSA so far) took place successfully in June followed by a $750 million re-tap in December.

Subject: Credit, Domestic credit, Imports, International trade, Money, Public debt, Revenue administration

Keywords: County government, CR, Credit, Devolved government system, Domestic credit, Executive board's decision, Global, Government, Growth trajectory, Imports, ISCR, Monetary policy, Reform, Reform agenda, SDR

Publication Details

Pages:

93
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/031
Stock No:

1KENEA2015001
ISBN:

9781484355237
ISSN:

1934-7685

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