4/Based on current-year exports of goods and services. Kenya, however, declined the G-20’s offer on debt relief because it “would impact on existing commercial lending terms,” M’Mbijjewe said.
Table 4 shows the results of these different assumptions. The stock of debt operation is assumed to take place in 2006.
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1/ The debt service does not include arrears clearance. Price of main export commodity at historical average minus 2 standard deviations in 2004-05, 2.
Email notification sign-up. The ratio of the NPV of total central government debt to GDP declines from 51.4 percent in 2003 to 39.6 percent in 2015 (Table 3).
Kenya’s economy remains resilient due to its diversification and low dependency on natural resources for export, Central Bank of Kenya Deputy Governor Sheila M’Mbijjewe said at the webinar. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. All rights reserved. UNHCR in Kenya places high regard in creating awareness among the public about the plight of refugees and the Kenya refugee programme. The historical average for the real GDP growth is 1.0 percent (compared with 3.1 percent in the baseline scenario), and the historical average for the primary balance is 3.0 percent (compared with -3.9 percent in the baseline scenario).
Kenya: Structure of Central Government, Government Guaranteed, and Central Bank External Debt, Including Arrears, End-2002, Kenya: Key External Debt Indicators Before Rescheduling 2002-15. The coverage of Kenya’s reporting of fiscal statistics has improved considerably. It is because of this that we use different channels to disseminate information about the current and evolving situation. As of end-2002, Kenya’s outstanding stock of external debt, including arrears, amounted to US$5.1 billion (49 percent of GDP), of which US$3.9 billion was on concessional terms (). The International Monetary Fund will revise East Africa’s biggest economy’s gross domestic product upwards this year from an earlier forecast for a contraction even after key Kenyan industries were hit by the Covid-19 pandemic. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. Kenya has experienced a lot of structural and economic changes since 2014. 5/Arrears at end-2003 plus flows from 1/2004 through 6/2006 are rescheduled at the usual Naples terms, i.e., for ODA, 16 year grace and 40 year maturity, and interest rates of 2.5% for Paris Club and 0.5% for non-Paris Club obligations. Ambassador Lazarus Amayo held a virtual meeting with Mr. Dumisani Mahlinza, Executive Director for Africa Group I, International Monetary Fund (IMF) on September 1, 2020 during which they acknowledged the good working relationship between Kenya and the Fund.
The tests illustrate the sensitivity of key macroeconomic variables (including export growth, the current account balance, GDP growth, and the primary balance) remaining at their historical averages or below them by a factor reflecting their historical volatilities.
Media Contacts. Barrier tape cordons off seating to assist social distancing in the passenger waiting area inside a railway terminal in Nairobi, on Aug. 18.
The change in outlook is supported by an improvement in several economic indicators and the lender now expects an “upward revision” of its June forecast for the economy to shrink by 0.3% in 2020, Tobias Rasmussen, the IMF’s resident representative for Kenya, said Wednesday at a virtual investor conference organized by Renaissance Capital.
In NPV terms, total external debt amounted to US$3.6 billion (http://www.imf.org). Structure of Kenya’s External Public Debt, Kenya: Net Present Value of Government External Debt Under Alternative Rescheduling Scenarios 2002-15 1/, Kenya: Government External Debt Service Under Alternative Rescheduling Scenarios 2002-15 1/, Central government and government guaranteed, 1. Debt service ratio does not include arrears clearance.
4/Debt service is defined as the sum of interest, amortization of medium-and long-term debt, and the stock of short-term debt at the end of the previous period.
A recent important change in the law is expected to synchronize the submission and approval of the government’s spending proposals and the tax measures in the Finance Bill. 3/Historical averages and standard deviatios are for the period 1997-2002. 3/Gross financing need is defined as the primary deficit plus debt service. With an interest rate of 6.0 percent, a 5-year grace period, and a 20-year maturity. These exercises gauge the robustness of baseline projections by applying a set of sensitivity tests. IMF boosts Kenya, Uganda’s virus fight with $1.23 billion The disbursed loans make a total of more than $10 billion the IMF has already disbursed to African nations … The contact person for RAS in Kakuma is Colonel Kasili Mutambo [email protected], +254726251477. Onetime 30 percent real depreciation in 2003, B6.
The International Monetary Fund (IMF) has foreseen a surprise upward revision of Kenya's Gross Domestic Product (GDP), conflicting IMF's June projection of
Kenya Delta Center Menengai Road Upper Hill P.O. Kenyans have coexisted with the refugees peacefully over the years.
Upon obtaining one of the above, you will physically take it or email it to the Refugee Affairs Secretariat (RAS) at the Ministry of Interior & Coordination of National Government. This reflects projected high borrowing on concessional terms in the first five years, as donor budgetary assistance resumes following the approval of a new Fund-supported program.2 The increased donor resources would be used to finance poverty reduction expenditures.
Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member. Financial soundness indicators
The debt dynamics are, however, sensitive to the macroeconomic environment.
Without a debt rescheduling, the net present value (NPV) of debt-to-exports ratio would deteriorate from 109 percent in 2003 to 132 percent in 2012 but improve thereafter (Table 2). Kenya’s Treasury will allow a $1.5-billion International Monetary Fund standby loan to expire and is deciding whether to arrange a new facility, Treasury Secretary Henry Rotich said.
The overall position of Kenya’s central government debt4 (domestic plus external debt) improves over the medium to long run, however, as high-cost government domestic debt, with short duration, is replaced by highly concessional external borrowing (Figure 1). It does so against a backdrop of significant ongoing reforms, including far-reaching fiscal devolution to counties, and the introduction of performance-based budgeting. “We have seen an upturn in most activity indicators,” Rasmussen said. 10.
NICA at historical average minus two standard deviations in 2004-045, Net present value of public debt-to-revenue ratio, Export growth (U.S. dollar terms, in percent), Official grants-to-GDP ratio (in percent), Price of main export commodity (U.S. dollar), Contribution from real discount rate on foreign currency debt, Contribution from real interest rate on domestic debt, Contribution from real exchange rate depreciation, Recognition of implicit or contingent liabilities, NPV of contingent liabilities (not yet officially recognized in central government debt), Central government debt-to-revenue-and-grants ratio (in percent), Debt service-to-revenue-and-grants ratio (in percent), Primary deficit that stabilizes the NPV of debt-to-GDP ratio, Average nominal interest rate on forcing exchange debt (in percent), Average real interest rate on domestic debt (in percent), Real exchange rate depreciation (percentage change, +=depreciation), Inflation rate (GDP deflator, in percent), Growth of real primary spending (deflated by GDP deflator, in percent), A1. Fiscal Affairs Dept.
Sources: Kenyan authorities; and staff estimates, projections; and simulations. Besides central government debt, the data include government-guaranteed external debt and the central bank debt to the IMF.
“There are good signs of recovery, these are visible. Email [email protected] Sources: Kenyan authorities; and Fund staff estimates and projections. Kenya: Net Present Value of Total Government Debt, 2002-15, Kenya: Central Government Debt Sustainability Framework, Before Rescheduling, 2001-2015. Kenya last month removed controls on the cost of bank loans, which was a key condition that the IMF had set for Nairobi to access its funding.
The report also encourages the authorities to continue with the implementation of the recommendations set out in the 2014 report, on which good or satisfactory progress has been made in about half the cases. First Name: * Last Name: * Your Email Address: * To Address: * Subject: * Question or comment (Please limit your message to 1,024 characters): * Type the text below as shown above: * We have received your inquiry and will respond to your message shortly. Mobile +254 (0) 798 487 988 Fiscal indicators
4. Sources: Kenyan authorities; and staff calculations. Listed below are items related to Kenya. The financing gap that occurs under this scenario relative to the Naples terms scenario is assumed to be filled through borrowing contracted at 5.12%, with a 5 year grace period and 20 year maturity. This report of the Debt Sustainability Analysis (DSA) indicates that the envisaged strategy of a partial substitution of domestic debt by increased inflows of external grants and concessional loans, as well as a rescheduling of external debt by the Paris and London Clubs, would facilitate the achievement of debt sustainability. 2/Foreign-currency-denominated debt is equal to the total external debt in Table 2 of this Annex. The budget gap of East Africa’s biggest economy is seen at 840.6 billion shillings ($7.8 billion) in the current fiscal year, or 7.5% of gross domestic product. The DSA also shows that debt sustainability would improve significantly with a concessional rescheduling, particularly under Naples terms (which would also free up sizable resources for spending on priority-poverty reducing programs).
2/This scenario assumes that borrowing to fill the financing gap that would otherwise be filled through a Naples terms debt rescheduling is contracted at a market interest rate of 6.0% with a 5 year grace period and a 20 year maturity. For non-ODA obligations, a 3 year grace period with 18 year maturity at an interest rate of 5.12% is assumed. As of end-2002, Kenya’s outstanding stock of external debt, including arrears, amounted to US$5.1 billion (49 percent of GDP), of which US$3.9 billion was on concessional terms (Table 1).1 Of the total debt, 57.5 percent was owed to official multilateral creditors, while debt to official bilateral and commercial creditors accounted for 32.2 percent and 8.5 percent, respectively.
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