(MENAFN) Kenya's Finance Minister, Njeru Githae, said that the government revised down the country's economic growth forecast to 5.1 percent for 2012, from the previous projection of 5.2 percent, reported Xinhua News.
The minister attributed the economic slowdown in the country to the global economic conditions.
However, as a result of the government's prudent policies and strategies, in addition to structural and legal reforms, growth is expected to recover in the medium term, and employment would pick up.
It is worth noting that the International Monetary Fund (IMF) approved USD110.5 million loan facility for Kenya, bringing the country's total disbursements under the IMF arrangement to USD529.6 million since the first payment in January.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.