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Front Matter

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    African Department

    ©2009 International Monetary Fund

    Production: IMF Multimedia Services Division

    Typesetting: Alicia Etchebarne-Bourdin

    Cataloging-in-Publication Data

    Masha, Iyabo.

    The Global financial crisis and adjustments to shocks in Kenya, Tanzania, and Uganda: a balance sheet analysis perspective/Iyabo Masha.—Washington, D.C.: International Monetary Fund, 2009.

    • p.; cm.—(African departmental paper; 09-4)

    • Includes bibliographical references.

    • ISBN-13: 978-1-58906-935-0

    1. Banks and banking—Kenya. 2. Banks and banking—Tanzania. 3. Banks and banking—Uganda. 4. Global Financial Crisis, 2008–2009. 5. Financial crises—Kenya. 6. Financial crises—Tanzania. 7. Financial crises—Uganda. I. International Monetary Fund. II. Title. III. African departmental paper; 09-4.

    HG3393.A6 M37 2009

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    This paper examines the impact of the recent global financial crisis on Kenya, Tanzania, and Uganda using a limited version of the balance sheet approach that focuses only on monetary sector data. The paper was prepared as background material to inform discussions during the Kenya 2009 Article IV Consultation discussion at the IMF Executive Board, and was presented to the Kenyan authorities at a seminar in Nairobi on October 27, 2009.

    I would like to thank Michael Atingi-Ego and Martine Guerguil for their comments and guidance, as well as many colleagues in the IMF African Department for their feedback. I would also like to acknowledge comments received from the office of the Executive Director Africa Region on an earlier draft. Special thanks go to Shiv Dixit and Winifred Ellis for research and administrative support.

    The opinions expressed in this publication are solely those of its author and do not necessarily reflect the views of the International Monetary Fund, its Executive Directors, or the authorities of Kenya.

    Iyabo Masha

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