Day: February 17, 2021


KENYA: IMF deal heralds return to international debt markets

  • Reforms under Kenya’s three-year USD 2.4bn deal with the International Monetary Fund (IMF) face political constraints.
  • The Treasury’s fiscal consolidation strategy seems slow but may be gambling on a strong economic recovery and leeway provided by continued pandemic uncertainty.
  • In fact, the IMF program could be an ideal precondition to underpin Nairobi’s pending return to the Eurobond market.
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Emerging Markets

MACRO: Policy responses to Covid-19

Below is our weekly summary table on the health and economic policies that selected governments around the world are implementing to counter the fallout from Covid-19. The updated table includes information about each country’s vaccination strategy. Please do not hesitate to contact us if you want to discuss any of the countries mentioned in more detail.… Read the rest


Argentina: Income Tax Populism

Last week, the government presented a bill to modify the income tax paid by individuals that is a step back from many angles. The central idea is that just over half of the salaried workers who today pay the tax stop doing so.… Read the rest

Emerging Markets

UKRAINE: Zelensky losing trust as reforms stall

  • The independence of anti-corruption agencies, reforms in the judiciary and the phase-out of energy subsidies are among the main prerequisites for the renewal of IMF lending.
  • Quick reform progress appears unlikely due to limited political will and capacity to advance difficult systemic changes as well as a manageable fiscal situation in the near term.
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