|Approval Date||16 Jun 2021|
|Signature Date||25 Jun 2021|
|Planned Completion Date||30 Jun 2022|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||11330|
Competitiveness and Economic Recovery Support Programme (CERSP) is designed as a programmatic series of two consecutive General Budget Support (GBS) operations covering the fiscal years 2020-2021 and 2021-2022. It aims at (i) Domestic resource mobilization; (ii) Expenditure rationalization; (iii) Debt management; (iv) Manufacturing value addition and trade; and (v) Framework for social protection and women’s economic empowerment; and strengthened (vi) Infrastructure governance framework; (vi) Entrepreneurship and MSME development framework. The programme will support Kenya’s medium to long term development agenda by building on the achievements of the COVID-19 ERSP approved in 2020. It will place particular emphasis on enhancing fiscal performance, strengthening industrial development and competitiveness, and supporting MSME development, social protection and women’s economic empowerment. The CERSP is built around three complementary and mutually reinforcing components: (1) attaining Fiscal Sustainability; (2) strengthening Industrial Development and Competitiveness; and (3) enhancing Economic and Social Inclusion.
The overarching development objective of the programme is to strengthen resilience and support inclusive post-COVID-19 pandemic economic recovery through improved economic governance and enhanced industrial development and competitiveness.
The programme’s direct beneficiaries are the National Treasury; the Ministry of Industry, Trade and Cooperative; the Ministry of Labour and Social Protection; the Ministry of Public Service, Youth and Gender Affairs; Kenya Revenue Authority; Public Procurement Regulatory Authority; Micro and Small Enterprises Authority; and Kenya Women’s Enterprise Fund. The private sector will also benefit from improved investment opportunities in industry (including in SEZs), and PPP opportunities. The programme will ultimately indirectly benefit all citizens of Kenya as enhanced fiscal performance will help to expand fiscal space for development and pro-poor spending; and sector reforms will help to attract climate-smart private investments for green growth and job creation.
African Development Bank
MINISTRY OF FINANCE
|Last Update||29 Jul 2021|