World Bank2013-03-272013-03-272010-04https://hdl.handle.net/10986/12980This report brings together three budget notes that assess Kenya's fiscal capacity to respond to global crisis and deliver shared growth without compromising macroeconomic stability. The report is organized into three notes. The key messages from this analysis point to areas where Kenya's fiscal policy requires strengthening. The first note is an assessment of Kenya's fiscal stance and suggests an appropriate fiscal anchor for Kenya. The second note reviews the status of public investment in Kenya and suggests the reforms required to improve public investment planning and implementation. The subject of the third note is pro-poor spending and targeted subsidy programs. This study concludes that the targeted cash transfers, unemployment benefits, and workfare programs provide automatic stabilizers for fiscal policy during crisis.en-USCC BY 3.0 IGOACCESS TO SAFE WATERAGGREGATE BUDGETAGRICULTUREANNUAL COMMITMENTSANNUAL CYCLEARIMABALANCE OF PAYMENTSBENEFICIARIESBINDING CONSTRAINTBUDGET BALANCEBUDGET CYCLEBUDGET DEFICITBUDGET MANAGEMENTBUDGET MANAGERSBUDGET OUTLOOKBUDGET PERFORMANCEBUDGET POLICYBUDGET PROCESSBUDGET REVIEWBUDGET STRATEGYBUDGET SUBMISSIONSBUDGET SURPLUSBUDGET SURPLUSESBUDGET SYSTEMSBUSINESS CYCLECAPITAL FLOWSCAPITAL GRANTSCAPITAL INVESTMENTCAPITAL INVESTMENTSCAPITAL SHARECAPITAL SPENDINGCAPITAL STOCKCAPITAL STOCKSCASH TRANSFERCASH TRANSFERSCENTRAL BANKCENTRAL GOVERNMENTCENTRAL GOVERNMENT EXPENDITURECENTRAL GOVERNMENT SPENDINGCONSUMER PRICE INDEXCORPORATE INCOME TAXCOST OF CAPITALCOST RECOVERYCOUNTRY RISKCREDIT CRUNCHCURRENCYDATA ANALYSISDEBTDEBT STOCKDEVELOPING COUNTRIESDEVELOPMENT AGENCYDEVELOPMENT BANKDEVELOPMENT PROJECTSDISBURSEMENTDISBURSEMENTSDONOR ASSISTANCEDONOR FINANCINGDONOR FUNDSECONOMIC GROWTHECONOMIC GROWTH RATESECONOMIC PERFORMANCEELECTRICITYEMERGING MARKETEMERGING MARKET ECONOMIESEQUIPMENTEQUITY INVESTMENTSEXCHANGE RATEEXOGENOUS SHOCKSEXPENDITUREEXPENDITURE ANALYSISEXPENDITURE LEVELSEXPENDITURESEXPORTSEXTERNAL BORROWINGEXTERNAL FUNDINGEXTERNAL SHOCKSFEDERAL FUNDSFINANCE MINISTRYFINANCIAL ASSETSFINANCIAL CRISISFISCAL ACCOUNTSFISCAL ADJUSTMENTFISCAL AGGREGATESFISCAL BALANCEFISCAL CAPACITYFISCAL DATAFISCAL DEFICITSFISCAL MANAGEMENTFISCAL OUTCOMESFISCAL POLICIESFISCAL POLICYFISCAL RETRENCHMENTFISCAL STANCEFISCAL SUSTAINABILITYFISCAL YEARSFOREIGN EXCHANGEFOREIGN INTERESTFORMAL ANALYSISGDPGDP DEFLATORGENDERGLOBAL MARKETGOVERNMENT EXPENDITUREGOVERNMENT FINANCEGOVERNMENT SPENDINGGROWTH THEORYHEALTH SECTORHOUSEHOLDSHUMAN CAPITALHUMAN RESOURCEIMPORT DUTYINCOMEINCOME TAXINDEBTEDNESSINDIRECT COSTSINEQUALITYINFRASTRUCTURE DEVELOPMENTINFRASTRUCTURE FINANCINGINFRASTRUCTURE INVESTMENTINFRASTRUCTURE INVESTMENTSINFRASTRUCTURE SECTORINFRASTRUCTURE SERVICESINTEREST PAYMENTSINTEREST RATEINTEREST RATESINVESTMENT BUDGETINVESTMENT CLIMATEINVESTMENT PLANSINVESTMENT PROJECTSINVESTMENT SPENDINGLOANLOAN GUARANTEESMACROECONOMIC FRAMEWORKMACROECONOMIC INSTABILITYMACROECONOMIC STABILITYMARKET ECONOMYMEDIUM TERM EXPENDITUREMEDIUM TERM EXPENDITURE FRAMEWORKMEDIUM-TERM PLANMIDDLE INCOME COUNTRIESMINISTRY OF FINANCEMONETARY FUNDMONETARY POLICYMONETARY SHOCKSNET LENDINGOIL PRICEOUTCOME INDICATORSPENSIONPENSIONSPOLICY CREDIBILITYPOLICY RESPONSESPRIVATE CAPITALPRIVATE INVESTMENTPRIVATE INVESTMENTSPRIVATE SECTORPROGRAMSPUBLICPUBLIC ASSETSPUBLIC BORROWINGPUBLIC BUDGETPUBLIC DEBTPUBLIC ENTERPRISESPUBLIC EXPENDITUREPUBLIC EXPENDITURE REVIEWPUBLIC FINANCEPUBLIC GOODSPUBLIC HEALTHPUBLIC INVESTMENTPUBLIC INVESTMENT IN INFRASTRUCTUREPUBLIC INVESTMENT PROGRAMPUBLIC INVESTMENT SPENDINGPUBLIC INVESTMENTSPUBLIC MONEYPUBLIC SECTORPUBLIC SECTOR DEBTPUBLIC SECTOR SPENDINGPUBLIC SPENDINGPUBLIC- PRIVATE PARTNERSHIPSQUALITY OF LIFERATES OF RETURNREAL EXCHANGE RATEREAL GDPREAL INTERESTREAL INTEREST RATEREAL INTEREST RATESRECESSIONSRECURRENT EXPENDITURERECURRENT EXPENDITURESRETURNROAD NETWORKROADSSAFETY NETSAFETY NETSSECTORAL BUDGETSSERVICE DELIVERYSOCIAL DEVELOPMENTSOCIAL PROGRAMSSOCIAL SAFETY NETSSOCIAL SERVICESSOLVENCYSPOT PRICESTOCKSTAXTAX CODETAX RATETAX REVENUETAX REVENUESTOTAL DEBTTOTAL EXPENDITURETOTAL EXPENDITURESTOTAL REVENUETOTAL SPENDINGTRADE BALANCETROUGHUNCERTAINTYUNEMPLOYMENTVALUE ADDEDVULNERABLE CHILDRENVULNERABLE GROUPSWAGESWORLD FINANCIAL MARKETWorld Bank10.1596/12980