肯尼亚：公共部门债务统计数据质量评估（英）

KENYA Data Quality Assessment for Public Sector DebtStatistics (July 23–29, 2025) April 2026 Prepared ByDavid Bailey and Naoto Osawa PARTNERS: DISCLAIMER The contents of this document constitute a high-level summary of technical advice provided by the staff ofthe International Monetary Fund (IMF) to the authorities of a member country or international agency(the "CD recipient") in response to their request for capacity development. Unless the CD recipientspecifically objects within 30 business days of its transmittal, the IMF will publish this high-level summaryon IMF.org (seeStaff Operational Guidance on the Dissemination of Capacity Development Information). 2026International Monetary Fund HLS/26/20 High-Level Summary Technical Assistance Report Statistics Department Kenya – Data Quality Assessment for Public Sector Debt Statistics Prepared by David Bailey and Naoto Osawa TheHigh-Level Summary Technical Assistance Reportseries provides high-level summaries ofthe assistance provided to IMF capacity development recipients, describing the high-levelobjectives, findings, and recommendations. ABSTRACT:In July 2025, an assessment was undertaken of the data quality of the public sector debtstatistics (PSDS) of Kenya against the IMF’s Data Quality Assessment Framework (DQAF) for PSDS.The mission was undertaken as part of a project to strengthen the quality of public sector debt in selectAfrican countries, funded by the Government of Japan. The mission reviewed the PSDS compilation anddissemination practices against each element of the DQAF and presented a series of recommendationsto improve the quality and transparency of the PSDS of Kenya. Background 1.Kenya’s public debt is considered sustainable but remains at high risk of debt distress,according to theIMF-World Bank debt sustainability analysis (DSA) of October 2024.The publicdebt-to-GDP ratio reached a peak of 72 percent at the end of the 2022/23 fiscal year. Since then,debt-to-GDP levels have dropped somewhat, with debt reported at 66 percent of GDP at the end of the2023/24 fiscal year, according to national debt reports. Around half of the total debt stock is external,mainly provided on concessional terms, and the other half is domestic. Two key challenges facing theauthorities are managing the exchange rate risk of external debt and the high-interest rate cost ofdomestic debt. Therefore, in order to further reduce the levels of debt the Kenyan Government has statedits commitment to a fiscal consolidation program, and the undertaking of reforms in its debt managementto reduce the costs and minimize the risks of public debt. In addition, the government seeks to improvethe transparency and quality of its public debt reporting. 2.Against this background, the main objective of the mission was to use the IMF’sstandardized Data Quality Assessment Framework (DQAF) to identify areas of improvement inpublic sector debt statistics (PSDS) compilation and dissemination processes and recommendpriority actions to help Kenya enhance public debt data transparency.Discussions with variousstakeholders as well as review of data received and published indicate that Kenya’s public debt statisticsare broadly accurate and timely, but improvements are needed to align the compilation and disseminationof debt with the international statistical standards as well as to broaden the scope of public sector debtreporting. The main findings and conclusions of the mission are summarized below in the order of theDQAF’s dimensions. Summary of Findings 3.Legal Environment:The responsibility of the National Treasury (NT)’s Public Debt ManagementOffice (PDMO) for collecting, processing, and disseminating public debt statistics in Kenya is wellestablished in the Public Finance Management (PFM) Act 2012. The structures and functions of thePDMO are further expanded upon within the PFM Regulations 2015. In addition, these legal frameworksspecify clear oversight arrangements for debt reporting including the prescription in the Constitution ofKenya (article 229) that require annual audits of public debt. However, the Constitution of Kenya(article 214) also limits the scope of public debt reporting by defining public debt as loans1raised orguaranteed and securities issued or guaranteed by the national government which result in a charge onthe Consolidated Fund. Given that debt liabilities take different forms, and not just as loans or debtsecurities, it is imperative that the Kenyan Government does not maintain only a narrow definition ofpublic debt but establishes a clear mandate for the comprehensive reporting of all debt liabilities in linewith the international statistical standards. These more comprehensive public debt statistics reportsshould be produced and disseminated alongside the existing established national debt measures, toprovide full transparency and address any user concerns of there being “hidden debts”. The existingStatistics Act may already be adequate for compila