Current account deficit falls to 5.5pc of GDP on low import bill, high remittances

The International Monetary Fund (IMF) says Kenya’s current account deficit has fallen to 5.5 per cent of the gross domestic product (GDP), confirming projections by Central Bank based on a lower import bill, higher diaspora remittances and improved agriculture exports.
The country is therefore on track to record its lowest end of year current account deficit position since 2009, when it stood at 4.6 per cent.

The findings were made by an IMF team, which was in Kenya from October 19 to November 3 conducting a fiscal review under the precautionary Sh150 billion stand-by credit facility.