EXECUTIVE SUMMARY Background: Kenya’s recent reforms have introduced a more comprehensive system of checks and balances, including accountability and transparency in expenditure control and management. In this context, the new government has taken decisive steps towards devolution supported by...

Tanzania’s economic growth continues to be buoyant. The planned monetary policy tightening is aimed at entrenching gradual disinflation. Executive Directors recommend further enhancing the degree of exchange rate flexibility, and the fiscal deficit reduction envisaged in the draft budget is...

Economic activity in Kenya has remained resilient to uncertainty surrounding the elections, the impact of the European crisis, and security-related concerns. Fiscal policy is in line with the program despite difficulties. International reserves are on the rise, and the deficit of the external...

Tanzania’s macroeconomic outlook is favorable with buoyant growth and declining inflation. The Executive Board of the International Monetary Fund (IMF) commended its prudent policy management and progress in stabilizing the economy. The country’s 2012–13 budget appropriately balances the...

KEY ISSUES Background, outlook, and risks. Economic growth is projected to remain strong at 7 percent next year and in the medium term. Inflation is at 6 percent, gradually converging to the authorities’ 5 percent medium term objective. The external current account deficit remains among the...

KEY ISSUES Economic background and outlook. Tanzania has enjoyed strong and stable growth, projected to remain at 7 percent next year and in the medium term. Inflation is at 6 percent, gradually converging to the authorities’ 5 percent medium-term objective. The external current account...

Regional growth weakened in 2013 due to a fall in oil production in most countries. GDP growth is expected to pick-up in 2014 due to the recovery of oil production and the continuation of the implementation of public investment plans in most of CEMAC countries. Despite large spending of oil...

This Selected Issues paper on West African Economic and Monetary Union presents external stability assessment report. The current account deficit declined in 2014. Although gross international reserve coverage has increased slightly, part of the current account deficit has been financed by a...

KEY ISSUES Context: Kenya has embarked on major reforms in line with the 2010 constitution. The new government has started the process of devolution at a fast pace, introducing a reporting framework that allows for monitoring progress and challenges. Macroeconomic stability in a market-friendly...

This Selected Issues paper focuses on the need of improving liquidity management and the operational framework of monetary policy in Central African Economic and Monetary Community (CEMAC). Disconnected policy and lending rates reflect the ineffective interest rate channel of monetary policy...