During the quarter that ended March 2023, the Fund registered a return on investment of 0.4% compared to a return of -1.3% recorded in the quarter ended March 2022. The Fund value reduced from Kshs 17.59 billion as at 31st December 2022 to Ksh 17.03billion as of 31st March 2023 due to high Benefits payout and lower returns recorded from Equity shares during the period.


In the latest World Economic Outlook for April 2023 released by the International Monetary Fund, Kenya is expected to register a real Gross Domestic Product growth rate of 5.3pc in 2023 compared to its earlier projections of 5. 1pc. The upward revision is backed on the full reopening of China coupled with expected easing of global inflation, as the Central Banks continue to tighten their monetary policies. Notably, advanced economies are expected to record a 1.2% growth in 2023, a significant decline from the 2.7% expansion recorded in 2022. However, the emerging markets and developing economies are expected to expand by 4.0% in 2023, up from an estimated growth of 3.9% in 2022. Despite the projections, a return of the world economy to the pace of economic growth that prevailed before the shocks in 2022 is elusive. The recent tightening in global financial conditions has hampered the recovery and despite the efforts of the central banks to curb inflation, the road back to price stability could be long.