Economic Fiscal Outlook 2025 | Business Redefined

2025 promises to be an exciting year in Kenya from a fiscal perspective. Among the key issues we are looking forward to:
  • The country's US$3.6 billion programme with the International Monetary Fund lapses in April. What does the road ahead look like? Possibly another funded programme? Is Kenya re-routing itself to a precautionary arrangement with the fund? No successor programme at all?
  • The first tranche of Kenya's 2027 US$900.0M 7.0% coupon eurobond (issue USDXS1843435840) maturity is due this year. It will be a US$300.0M payment. On the whole, external debt service obligations for 2024/25 stand at US$4.56 billion
  • Revenue outturn for 2024/25 was off to a bumpy start after the collapse of Finance Bill 2024. Now that we have the Tax Laws (Amendment) Act 2024 & the Tax Procedures (Amendment) Act 2024, can this be salvaged? Will the US$1.35 billion worth of additional revenue targeted via the two tax laws be realised?
  • With Supplementary Appropriations II 2024/25 in the horizon, will Kenya still maintain the <4.3% fiscal deficit to GDP target in line with the programme with the International Monetary Fund?
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