Macro Analysis /
Kenya

Kenya: IMF review boosts bonds but raises red flags on external accounts

  • The IMF Board approved Kenya’s 3rd programme review, assuaging concerns that it may have fallen off track

  • Stronger than expected revenue collection more than offset rising fuel subsidies, with headline fiscal targets exceeded

  • Rising reserves premised on heroically large external financing assumptions; policy tightening/KES deval likely needed

Kenya: IMF review boosts bonds but raises red flags on external accounts
Patrick Curran
Patrick Curran

Senior Economist

Hasnain Malik
Hasnain Malik

Strategy & Head of Equity Research

Tellimer Research
27 July 2022
Published byTellimer Research

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