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International Monetary Fund. African Dept.
Kenya’s medium-term economic outlook remains positive, supported by the authorities’ continued firm commitment to their economic program amidst a complex environment. Economic recovery is well underway, but Kenya’s Sustainable Development Goals (SDGs) have suffered significant setbacks, and poverty has increased. The authorities see the program as providing essential support for sound fiscal management ahead of the 2022 elections, reinforcing their multi-year fiscal consolidation plan to reduce debt vulnerabilities and preserve priority social and development spending.
International Monetary Fund. African Dept.
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.
International Monetary Fund. African Dept.


Sub-Saharan Africa is struggling to navigate an unprecedented health and economic crisis—one that, in just a few months, has jeopardized decades of hard-won development gains and upended the lives and livelihoods of millions.

International Monetary Fund. African Dept.
This paper discusses the Republic of Kenya’s Request for Disbursement Under the Rapid Credit Facility (RCF). The coronavirus disease 2019 pandemic is taking a serious toll on the Kenyan economy, significantly reducing growth, creating fiscal and external financing needs. It is important that the authorities resume their fiscal consolidation plans to reduce macroeconomic vulnerabilities once the crisis abates. The pandemic has impacted nearly all facets of the economy—particularly tourism, transport, and trade—and led to urgent balance of payments and fiscal financing needs. Emergency financing under the RCF will deliver liquidity support to help Kenya cover its balance of payments gap this year. It will provide much-needed resources for fiscal interventions to safeguard public health and support households and firms affected by the crisis. It will also catalyze necessary financing from other donors. The Central Bank of Kenya (CBK) has taken various measures to maintain enough liquidity in the financial sector. It should continue to stand ready to further support the economy and the financial sector’s health, as necessary, while ensuring that policy decisions are data driven. The CBK should also continue to allow the exchange rate to act as a shock absorber.
International Monetary Fund. External Relations Dept.
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