KENYA: SUCCESSION POLITICS REMAIN A SPOILER FOR IMPROVED SOVEREIGN DEBT OUTLOOK
Mon, 01 February 2021
In a drastic fiscal policy U-turn in past weeks, Kenya’s government has secured Paris Club debt service suspension, rescheduled sizable loans with China’s EximBank, and reversed some of its controversial 2020 tax cuts, while steering toward a new IMF programme. Kenya’s sovereign risk outlook has significantly improved and growth prospects for 2021 are boosted by the government’s legacy industrialisation agenda. However, increasingly acrimonious succession politics will remain a potential spoiler for Kenya’s newly improved risk outlook for the next two years.
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