openPR Logo
Press release

IMF offerings to Kenya

05-14-2021 12:59 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: SayTooLoud

The pandemic situation continues to scare both lives and livelihoods. The healthcare authorities are working hard to protect people from getting exposed to the virus by informing them about cautionary measurements. After the COVID-19 impact, Kenya's economy is getting up slowly. But the pandemic has left deep marks on the financial conditions of the country.

As per a native, Jayesh Saini, Nairobi, the IMF staff, and the other authorities led a provisional arrangement at the beginning of the year to support the upcoming phase of the health crisis.

Further adding to the conversation, Jayesh Saini, Kenya, said the IMF talked about its mission and revealed that the loan would support the government's reformation plans and help them meet their financing necessities.

The COVID-19 pandemic in Kenya and its impact on Kenya's economy –

The afflicted situation of global trade and travel, and its regulatory measures taken to put a hold on the spread of the virus, narrowed the economic activity in Kenya.

Jayesh Saini, a Nairobi citizen, said the COVID-19 situation led the government to impose strict measures such as curfews, closed schools, and restrictions on public gatherings. All such conditions had led to an extensive impact on Kenyans, which transformed their daily routine & life.

Jayesh Saini Clinix adding further said, due to the COVID-19 situation, many had to lose their jobs, while it left many under pressure suffering from a loss of income. Such stress turned the life of many Kenyans into real misfortune.

Looking at such drastic outflow and the impact of the pandemic over the Kenyans, the Kenyan government inflicted early actions to support the economy for which - they made temporary reductions in personal and corporate income taxes, understanding the financial situation of the people.

Also, there were temporary reductions made in the VAT rate decreased to 14% from 16%. The government also took hefty measures of revising the budget to integrate additional spending on health and social welfare activities.
From a native source, Jayesh Saini News, the Kenyan Central Bank helped by reducing the interest rates and with liquidity facility to ensure the smooth functioning of Kenya’s financial system.

Jayesh Saini, a Nairobi resident, added further, the top officials also urged banks to offer borrowers an opportunity to postpone their loan payments. Also, the temporary exclusion of fees for mobile money transactions; cut the costs for users and transitioned them from the physical exchange of cash to a safer online payment system.

The pandemic affected economic growth severely. As a result, while the trauma was extensive, it has led to a massive impact on economic growth. Jayesh Saini set forth the report from the other local sources talking about the growth rate calculated in the past 2020 second and third quarter; mentioning the output about the fiscal growth received in the second quarter of 2020 was about -5.4%, whereas, in the third quarter, it was recorded to -1.0%.From the above report, we see the growth rate in 2020 was likely close to zero, and so many have projected such a poor situation might bounce back strongly in 2021.

While we see to some extent economic activities are getting up, still many challenges remain. Jayesh Saini in Kenya stated, as the COVID-19 distribution of vaccines just got started, still public well-being is under social pressure. Also, the other reason might be its high poverty rate, which has set back progress to Kenya's development objectives. The country's economic and debt conditions have also slowed, due to challenges that existed even before the pandemic.

The IMF offered emergency pandemic support –
In May, the IMF gave $738 million as an interest-free loan under the Rapid Credit Facility to support Kenya to recover from the first pandemic impact. It helped them deal with the additional cost of health, social care, and other essential payments to boost the economy.

As per the report attained by Jayesh Saini, a Nairobi citizen, the new system with the IMF will reinforce the later phase of the government's COVID-19 response. Considering the agreements, under the Extended Fund Facility and Extended Credit Facility, the IMF provides $2.3 billion in low-cost financing for the following three years. Other development partners will also provide significant amounts of financial support to Kenya.

Without such help, Kenya would have to limit its expenditure over other investment plans and social programs that would undoubtedly make it more difficult for them to achieve reliable and comprehensive recovery. The plan involves the health, social, and other development expenditure that are held essential and carried out by adapting to monetary policy.

Jayesh Saini, Nairobi, looking at the condition says, Kenya is at high risk concerning debt crisis, and a financial deficit, so it is essential to overcome the present COVID-19 condition.

The impact of fiscal consolidation would need to be stepped up by more actively spending. Backed by transparent use of funds, it will ensure that the government uses the funds to the regions that required it on priority. It will open up different channels for private investors as well, where they can contribute themselves to the leading pandemic situation and support the drowning economic condition of the country.

Such steps will help stabilize the current conditions and provoke inclusive growth in Kenya. Hence, these factors must help Kenya conquer its development goals.

SayToLoud, Sadhu Vaswani Road circle, near Pune station, Agarkar Nagar, Pune, Maharashtra 411001
rohan@saytooloud.com

SayTooLoud gives the worldwide users an insight into world news room and career guidance etc.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release IMF offerings to Kenya here

News-ID: 2284144 • Views: 311

More Releases for Kenya

Kenya: Country Intelligence Report, 2018 By Safaricom, Telkom Kenya, Airtel Keny …
"Kenya: Country Intelligence Report", a new Country Intelligence Report by GlobalData, provides an executive-level overview of the telecommunications market in Kenya today, with detailed forecasts of key indicators up to 2023. Published annually, the report provides detailed analysis of the near-term opportunities, competitive dynamics and evolution of demand by service type and technology/platform across the fixed telephony, broadband and mobile segments, as well as a review of key regulatory trends. The
Kenya Telecom 2017: Key Players – Safaricom, Telkom Kenya, Airtel Kenya, Lycam …
SUMMARY WiseGuyReports published new report, titled “Kenya: Country Intelligence Report” "Kenya: Country Intelligence Report", a new Country Intelligence Report by provides an executive-level overview of the telecommunications market in Kenya today, with detailed forecasts of key indicators up to 2022. Published annually, the report provides detailed analysis of the near-term opportunities, competitive dynamics and evolution of demand by service type and technology/platform across the fixed telephony, broadband, and mobile, as well as
Savoury Snacks in Kenya
ReportsWeb.com has announced the addition of the “Savoury Snacks in Kenya” The report focuses on global major leading industry players with information such as company profiles, product picture and specification. Kenya benefited from economic growth and rising disposable income levels towards the end of the review period, with these trends in turn resulting in an expanding mid-income group. Sales of savoury snacks are benefiting from these trends, with consumers gaining more
Agrochemicals Market in Kenya
ReportsWorldwide has announced the addition of a new report title Kenya: Agrochemicals: Market Intelligence (2016-2021) to its growing collection of premium market research reports. The report “Kenya: Agrochemicals: Market Intelligence (2016-2021)” provides market intelligence on the different market segments, based on type, active ingredient, formulation, crop, and pest. Market size and forecast (2016-2021) has been provided in terms of both, value (000 USD) and volume (000 KG) in the report. A
KENYA - AIR-TRANSPORT SECTOR ANALYSIS
ReportsWorldwide has announced the addition of a new report title KENYA - AIR-TRANSPORT AUG 2016 to its growing collection of premium market research reports. This report provides a comprehensive industry profile, analysis and outlook of the air- transport in Kenya. Kenya has suffered decrease in passenger arrivals after the series of terrorist attacks that rocked the nation in recent years. This has seriously impacted airlines operating in the country. As of 2016,
KENYA - ICT / TELECOMS SECTOR ANALYSIS
ReportsWorldwide has announced the addition of a new report title KENYA - ICT / TELECOMS MARCH 2016 to its growing collection of premium market research reports. Kenya’s ICT and Telecommunications Report provides a comprehensive industry profile, analysis and outlook. Kenya is the leader in ICT markets in Eastern Africa. The country boasts the highest number of mobile phone subscriptions, the highest tele-density and the highest numbers of mobile money transactions. There are