Kenya - Country economic memorandum
Cox, Brian E.
In 1980-81 stabilization measures were adopted to bring the fiscal situation and balance of payments in Kenya under control. The government also began a long-term structural adjustment program aimed at breaking the structural constraints to growth. Nevertheless, growth prospects for 1983 are not bright. Restoring and sustaining positive growth of GDP per capita within the framework of manageable external accounts will require greater efficiency in the utilization of resources. The government has designed a program to encourage a more efficient pattern of industrialization, stimulate agriculture growth, expand and diversify exports, and rationalize public expenditures. Future action should continue to focus on increasing the efficiency of production in agriculture and industry, improving the country's energy balance, redefining and rationalizing the role of government in order to economize in the use of its scarce management and technical resources, and strengthening key public sector agencies. External capital requirements will be substantial, but the level of debt service should be manageable if Kenya follows careful macroeconomic policies.
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