Kenya's External Financial Position is Strong

Photo from the Star

According to the investigation on International Monetary Fund, Kenya's External Financial Position remains strong.

IMF representative to Kenya Jan Mikkelsensaid that Kenya’s foreign exchange reserves are at a very comfortable level, adding that the fund will continue to support the country’s fiscal reforms.

"The second review of the IMF-supported program has not been completed, and the program will expire today (Friday)."

"It should be stressed that Kenya's external position remains strong and foreign exchange reserves are at a very comfortable level," Mikkelsen added.

IMF granted Kenya the $1.5 billion (Sh150 billion) facility on March 14, 2016, to end on March 14, 2018.

But Treasury secured a six-month extension to September 14, 2018, promising to undertake sound fiscal changes.

In a letter to IMF managing director dated March 6, 2018, Treasury CS Henry Rotich and CBK governor Patrick Njoroge promised to reduce fiscal deficit from 8.8 per cent to GDP in 2016/17 to 7.2 in 2017/18 and 5.8 per cent in the current financial year.

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