Sovereign Analysis /
Kenya

Kenya budget: Still on track, but margin for error continues to shrink

  • Kenya’s FY 2021/22 budget comes in line with IMF targets, giving reason for optimism that programme is on track

  • Targets are achievable with strong commitment and IMF backing, but history of fiscal slippage calls for caution

  • Liquidity and solvency risks still high, with little margin for error; retain Hold on Kenyan eurobonds

Kenya budget: Still on track, but margin for error continues to shrink
Patrick Curran
Tellimer Research
11 June 2021
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