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In a recent development, Fitch Ratings, a prominent global rating agency, has taken a noteworthy step by revising Kenya’s credit rating outlook from stable to negative. This move is significant as it joins the chorus of concern from other major rating firms such as Moody’s and Standard & Poor’s, which have also expressed reservations about […]

China’s top diplomat, Wang Yi, arrived in Kenya on Saturday for a significant visit, during which he lauded the economic partnership between China and Kenya as a win-win. The Chinese embassy in Kenya issued a statement highlighting the close friendship and mutual trust between the two nations in both political and economic realms. Kenya, with […]

Kenya is on the brink of a revolutionary change in carbon trading as the National Assembly’s Budget and Appropriations Committee (BAC) has given its resounding approval to the Carbon Credit and Benefit Sharing Bill, 2023. Spearheaded by Laisamis MP Joseph Lekuton, this groundbreaking legislation aims to establish a legal framework for carbon markets, ensuring fair […]

In an interdenominational service held at Mwatunge grounds in Taita Taveta county, President William Ruto made a bold declaration, stating that Kenya’s economy has been successfully stabilized, and the nation will no longer be threatened by debts. Having faced the daunting task of steering the economy back on track for the past eight months, President […]

Safaricom Plc, Kenya’s leading telecommunications and financial services provider, has announced a groundbreaking partnership with UK-based payments infrastructure company TerraPay (Mobex Kenya). This collaboration aims to revolutionize cross-border remittances by enabling over 32 million M-PESA customers in Kenya to send and receive money to Bangladesh and Pakistan, reaching a combined population of over 200 million […]

Kenyan consumers are feeling the pinch as onion prices soar to unprecedented heights following a significant reduction in imports from Tanzania. The scarcity of Tanzanian onions has triggered a sharp increase in local onion prices, with the commodity now trading at a staggering KSh150 per kilogram. The shortage has been further exacerbated by a decline […]

In a crucial move to bolster Kenya’s economy amidst difficult times, the International Monetary Fund (IMF) Executive Board has completed the fifth review for Kenya under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) arrangements. The decision allows for an immediate disbursement equivalent to approximately US$415.4 million. Kenya’s Extended Fund Facility (EFF) […]

Nairobi, Kenya – The vibrant city of Nairobi plays host to a high-level continental summit, where the African Union (AU), Regional Economic Communities (RECs), and Regional Mechanisms (RMs) have gathered to discuss ways to enhance integration and accelerate the implementation of the African Continental Free Trade Area (AfCFTA). The 5th Mid-Year Coordination Meeting (MYCM), held […]

Nairobi, Kenya – Kenya’s earnings from tea exports to Iran have experienced a remarkable eightfold increase in the first quarter of 2023, providing a welcome boost amidst lower sales to neighboring Pakistan. While Kenya traditionally exports approximately 50% of its tea to Karachi, reduced demand from Pakistani buyers led to a drop in earnings from […]

NAIROBI, Kenya – Today, Kenya witnessed widespread protests on Wednesday as citizens voiced their frustration over the soaring cost of living, directly attributed to a depreciating Kenyan shilling and increased taxation imposed by the Finance Bill 2023. The relentless decline of the shilling has had a severe impact on imports, exacerbating the financial burdens faced […]