President William Ruto’s administration has unveiled the budget for the 2024-25 fiscal year, signaling strategic shifts in key sectors crucial to Kenya’s economy and societal well-being. Education Investments The administration has prioritized education with an increased budget of Sh656.6 billion, aimed at fostering skills development and upgrading junior secondary school teachers to permanent status. However, […]

Kenya’s Finance Minister, Njuguna Ndung’u, outlined today the strategic priorities of the upcoming 2024/25 budget, emphasizing a balanced approach to addressing the country’s debt burden while supporting its fragile economic recovery. The budget aims to build on projected economic growth of 5.5% for the year, following a modest increase from 5.6% in 2023, driven by […]

BThe latest Global Economic Growth Prospects report highlights Rwanda as the leading economy in East Africa for the remainder of 2024, with a projected GDP growth rate of 7.6 percent. This follows Rwanda’s record high GDP growth of 10.9 percent in 2021, underscoring its robust economic performance in the region. Uganda is expected to follow […]

The Central Bank of Kenya (CBK) has announced its intention to issue payment licenses to fintech startups operating in the country. This represents a significant departure from previous regulatory stances and aims to provide clarity and legitimacy to the operations of these innovative firms. Among the leading candidates for these licenses are prominent players like […]

Kenya and the International Monetary Fund (IMF) have finalized a crucial agreement on a comprehensive set of policies and reforms. This agreement, reached following extensive discussions led by Ms. Haimanot Teferra and her IMF team, aims to complete the seventh reviews of Kenya’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, along with […]

In a significant move to bolster the coastal region’s fishing industry, the government has allocated Sh1.4 billion for the development of modern fish landing sites. Spearheaded by Salim Mvurya, the Cabinet Secretary for Mining, Blue Economy, and Maritime Affairs, this initiative aims to uplift local fishing communities and ensure sustainable economic growth. The funds will […]

The Kenyan government has revealed its plan to allocate part of the recently secured US$ 1.2 billion Development Policy Operations (DPO) loan from the World Bank to address an upcoming Eurobond repayment. With a portion of the Eurobond maturing on 24th June 2024, the government intends to utilize funds from the World Bank loan to […]

Kenya’s economic outlook for 2024 shows a projected slowdown, with growth expected to reach 5%, a slight dip from the 5.6% recorded in the previous year, according to the latest report from the World Bank. The report attributes this moderation in growth to several factors, including ongoing efforts towards fiscal consolidation, a tightened monetary policy […]

Negotiations between Kenya and the United States for the Strategic Trade and Investment Partnership (STIP) have reached their sixth round, with Mombasa playing host to the discussions from June 3-7. Assistant U.S. Trade Representative Constance Hamilton is leading the American delegation, while Principal Secretary for Trade Alfred K’Ombudo heads Kenya’s team. The agenda for this […]

Kenya experienced a 4.3% decline in mineral production value, falling from Ksh 35.2 billion in 2022 to Ksh 33.7 billion in 2023, according to the latest data from the Kenya National Bureau of Statistics (KNBS). This decrease was primarily driven by a significant drop in the value of titanium ores, which fell by over Ksh […]