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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

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    Government partners private companies to mine abandoned iron ore in Oti Region

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    Ho Node Hub rebrands as Node Eight

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Moody’s says IMF loan will ‘shield’ Kenya

bycitibusinessnews
March 22, 2016
in Africa, East Africa
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The Sh153bn stand-by loan from the International Monetary Fund (IMF) has significantly boosted Kenya’s defence against external shocks, analysts at ratings firm Moody’s Investors Service said Monday.

While noting that the opinion was not a rating upgrade, Moody’s said the precautionary loan will provide an important buffer while the accompanying IMF programme will boost Kenya’s commitment to narrowing its large fiscal and current account deficits over the coming years.

“At roughly 20 per cent of Kenya’s current stock of reserves, the IMF facility would provide a significant boost to official foreign exchange reserve buffers (which were $7.3 billion as of 10 March), which would mitigate the effect of any external shock,” said Moody’s lead country analyst for Kenya Rita Babihuga, in a research note on the loan.

The IMF on March 14 announced it had approved the precautionary loan, which is one of the largest-ever granted to a sub-Saharan African country.

Unlike standard IMF bailout loan programs, the loan is formally described as a “standby,” meaning Kenya is only allowed to tap the facility in case of emergency. Ms Babihuga said the IMF program is will provide a policy backing for economic reforms.

“In particular, by targeting a reduction in the fiscal deficit of 3 per cent of GDP over the next two years as well as continued public financial management reforms, the IMF program further commits Kenya to its stated objective of fiscal consolidation and will help prevent policy slippages, particularly as the country approaches general elections in 2017,” said Ms Babihuga who termed the loan as a “credit positive”.

–

Credit: Business Daily

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