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Kenya: Fifth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements and Request for a 20-Month Arrangement Under the Resilience and Sustainability Facility, Requests for Extension, Rephasing, and Augmentation of Access, Modification of a Performance Criterion, Waiver of Applicability for Performance Criteria and Waiver of Nonobservance for a Performance Criterion, and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director for Kenya
Author:
International Monetary Fund. African Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2023: Issue 266
Language:
English
Publication Date:
19 Jul 2023
DOI:
https://doi.org/10.5089/9798400250101.002
ISBN:
9798400250101
ISSN:
1934-7685
Pages:
190
Keywords:
Kenyan authorities; tax shortfall; apportionment ratio; authorities' effort; inflation expectation; trade tax; tax package; agriculture Project; Climate finance; Climate change; Debt sustainability analysis; Global; East Africa; Sub-Saharan Africa; Africa
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This paper presents Kenya’s Fifth Reviews under the Extended Fund Facility and Extended Credit Facility Arrangements and Request for a 20-month Arrangement under the Resilience and Sustainability Facility (RSF), Requests for Extension, Rephasing, and Augmentation of Access, Modification of a Performance Criterion, Waiver of Applicability for Performance Criteria and Waiver of Nonobservance for a Performance Criterion, and Monetary Policy Consultation Clause. Key policy priorities of the program include reducing debt vulnerabilities through multi-year fiscal consolidation efforts. This will be done through raising tax revenues and rationalizing spending, while protecting priority social and developmental spending. A proactive monetary policy stance is also part of a mutually reinforcing prudent set of policies. The reforms under the RSF program are expected to advance Kenya’s already strong record of accomplishment at addressing climate-related challenges. These reforms will advance efforts to incorporate climate risks into fiscal planning and the investment framework, reduce emissions through carbon pricing, enhance Kenya’s existing frameworks to mobilize climate finance; and strengthen disaster risk reduction and management.
Front Matter
Kenya: Fifth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements and Request for a 20-Month Arrangement Under the Resilience and Sustainability Facility, Requests for Extension, Rephasing, and Augmentation of Access, Modification of a Performance Criterion, Waiver of Applicability for Performance Criteria and Waiver of Nonobservance for a Performance Criterion, and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director for Kenya
Kenya: Fifth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements and Request for a 20-month Arrangement Under the Resilience and Sustainability Facility; Requests for Extension, Rephasing, and Augmentation of Access, Modification of a Performance Criterion, Waiver of Applicability for Performance Criteria and Waiver of Nonobservance for a Performance Criterion, and Monetary Policy Consultation Clause––Debt Sustainability Analysis
Kenya: Fifth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements and Request for a 20-Month Arrangement Under the Resilience and Sustainability Facility; Requests for Extension, Rephasing, and Augmentation of Access, Modification of a Performance Criterion, Waiver of Applicability for Performance Criteria and Waiver of Nonobservance for a Performance Criterion, and Monetary Policy Consultation Clause
Kenya: Fifth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements and Request for a 20-Month Arrangement Under the Resilience and Sustainability Facility; Requests for Extension, Rephasing, and Augmentation of Access, Modification of a Performance Criterion, Waiver of Applicability for Performance Criteria and Waiver of Nonobservance for a Performance Criterion, and Monetary Policy Consultation Clause— Supplementary Information and Supplementary Letter of Intent
Statement by the Executive Director, Mr. Willie Nakunyada, the Senior Advisor of the Executive Director, Mr. James Alic Garang, and by the Advisor of the Executive Director, Mr. Morekwa Esman Nyamongo July 17, 2023
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund