IMF: Kenyan economy forecast to grow 6%

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kenyans in diasporaNairobi – Kenya’s economy will grow by 5.9 percent this fiscal year before accelerating to 6.3 percent in 2014/15, helped by an improved tax collection and credit growth, the International Monetary Fund said on Thursday.

“Buoyant tax collections and accelerating credit growth to the private sector, particularly in the service and construction sectors, point to strong domestic activity with growth likely to get close to 6 percent in 2013/14,” the IMF said in a statement.

The Washington-based body also said the Central Bank of Kenya should not cut its key lending rate from its current 8.5 percent until inflation falls closer to the lower bound of its 2.5-7.5 percent target range. – Reuters

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