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Kenya To Record Strong Growth This Year: IMF

Sep 26 2012
By
Forexbrokerz.com

A gradual easing of monetary policy in the coming months would help Kenya's economic growth to gather momentum, a report from the International Monetary Fund (IMF) said Wednesday.

The IMF forecasts Kenya's economic growth will exceed 5 percent this year and the next helped by further regional integration, trade diversification and a pick-up in investment flows.

The report, published following a review mission to Kenya, said the country's economy continues to perform well in a challenging global economic environment as agricultural production and domestic power generation have benefited from normal weather conditions, reducing vulnerability to expensive oil and food imports.

Tight monetary policy has brought inflation down in line with the 5-percent target, and the central bank has started to ease its stance consistent with improved inflationary expectations. At the same time, rising international reserves and falling current account have strengthened the external position, the lender said.

The government has effectively maintained fiscal discipline in the face of spending pressures and revenue shortfalls, and as a consequence public debt has started to decline.

The IMF, meanwhile, cautioned that the weakened global outlook and the still unfolding Eurozone crisis pose threats for Kenya's favorable economic performance, making it necessary to have policies that enhance economic resilience.

The lender also warned that much of the projected economic performance would depend on the government conducting next year's presidential election peacefully.

The material has been provided by Instaforex Company - instaforex.com
TAGS: Kenya  To  Record  Strong  Growth  This  Year:  IMF   

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