[stop-imf] Kenya asks for IMF support under new poverty and growth facility

[Robert Weissman]

[B] Kenya asks for IMF support under new poverty and growth facility
By Horace Awori, Bridge News

Nairobi--Feb 8--Kenya has asked the International Monetary Fund (IMF)
for support under the Poverty Reduction and Growth Facility, Finance
Minister Chris Okemo announced here Tuesday. The World Bank has been
asked for a program loan for budget support. But, he said, the IMF and
the World Bank both require the country's Poverty Reduction Strategy
Paper (PRSP) before the request can be considered formally.

The paper outlines Kenya's medium-term growth targets, inflation
targets and sector policies, programs, activities and time-scales,
involved in the poverty-reduction initiative.

"We have prepared a preliminary draft interim PRSP which will undergo
intensive discussion within the government over the next 2 weeks. We
have received very useful input from the IMF and the World Bank on
this," said the minister.

A draft of the paper will be discussed with parliamentarians, key
donors, non-governmental organizations, and private sector
organizations before the end of February, the minister said.

Analysts noted that this was at the insistence of the two Bretton
Woods institutions.

"After extensive consultations with stakeholders, we shall revise the
interim PRSP by the end of March," added the minister.

"But the interim paper will be the basis for completing our
discussions with IMF and the World Bank from the end of March/beginning
of April," he said.

He said broad policy priorities in the interim PRSP will be reflected
in the public expenditure plans in the 2002-01 government budget. End

Send comments to Internet address:emerg@bridge.com

Kenya news stories from Bridge News Media://NewsSearch::/Source=mar/
String=Kenya/go/newest/Search Kenya news stories from all vendors
Media://NewsSearch::/String=Kenya/go/Search