KENYA’S ECONOMIC OUTLOOK
December, 2021: Kenya’s economy was impacted by COVID-19 but has demonstrated resilience in the face of the pandemic, in 2021 as a whole, gross domestic product (GDP) recorded a growth of 5%, one of the faster recoveries among Sub-Saharan African countries. Reports from the World Bank and the Africa Development Bank indicate that overall economic performance is expected to be robust at 4.9% per year in 2022-23, similar to the pre-pandemic pace (5% average annual growth from 2010 to 2019).
The rebound assumes that economic activity will normalize due to a full reopening of the economy, the Economic Recovery Strategy being successfully implemented, and Kenya capitalizing on an expected improvement in external liquidity and benefiting from initiatives to meet its external financing needs.
Sources: World Bank, Africa Development Bank
KENYA LAUNCHES NEW CENTRE TO PULL IN GLOBAL INVESTORS, 2021
October, 2021: Nairobi is home to East Africa’s leading financial hub, providing an efficient gateway for investors and businesses to access 54 African countries, 1.3 billion people and a combined GDP of $3.4 trillion.
The Nairobi International Financial Centre has been established to attract responsible, ambitious businesses to Nairobi and provide them with the conditions to flourish in Kenya and in the region. The Centre offers a progressive legal and regulatory framework, competitive operating environment, a vibrant financial ecosystem and the opportunity to live in one of Africa’s most exciting cities. NIFC firms benefit from efficient doing-business facilitation services provided through the Authority and a dedicated dispute resolution process, including cost effective and expedicious arbitration process.
FINANCE BILL, 2021
June, 2021: The Finance Bill, 2021 was published on 5 May 2021 and tabled in Parliament on 11 May 2021.
Based on the Public Finance Management Act, 2012. Hon. (Amb.) Ukur Yattani, EGH, Cabinet Secretary for National Treasury and Planning has gazetted the Finance Act, 2021 days after assent by President Uhuru Kenyatta. The Bill seeks to help create a legal and policy framework to help the government achieve its medium-term budget goals
BUDGET STATEMENT FY 2021/22 – Building Back Better: Strategy for Resilient and Sustainable Economic Recovery and Inclusive Growth
June, 2021: Hon. (Amb.) Ukur Yattani, EGH, Cabinet Secretary for National Treasury and Planning presented the Budget Statement to the National Assembly on 10th June 2021 highlighting policies and revenue measures for the financial year 2021/22.
See the full statement – National Budget FY2021/22
Source: The National Treasury
JOINT STATEMENT BY THE REPUBLIC OF KENYA AND THE EUROPEAN UNION
June 2021: The Strategic Dialogue between the Republic of Kenya and the European Union was launched on the occasion of the meeting between H.E. Uhuru Kenyatta, C.G.H., President of the Republic of Kenya, and H.E. Charles Michel, President of the European Council, held on 21 June 2021 in Brussels. The Strategic Dialogue underlines the solid bilateral and multilateral partnership between the European Union and Kenya and interest to mutually cooperate.
Source: Council of the EU