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S&P cuts Kenya
S&P said it downgraded Kenya’s long-term foreign- and local-currency sovereign credit ratings to B from B+.
“We estimate that the pandemic-related economic fallout drove Kenya's real GDP growth down to 0.2% in 2020 from an average of 5.6% in the previous five years. The economic shock also widened Kenya's fiscal deficits and, despite the support of a new $2.4 billion 38-month IMF program and a fiscal consolidation plan, in our view, fiscal consolidation will likely proceed slowly,” S&P said in a press release.
The agency said it forecasts fiscal year 2021 (FY2021; ending June 2021) the general government deficit will widen to 8.7% of GDP, before falling slightly to 7.7% in FY2022 and averaging 6.6% in FY2022-2024.
The outlook is stable.
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