Kenya’s economy is set to receive a significant boost as the World Bank announces a $12 billion support package over the next three years. The funding aims to alleviate the strain on Kenya’s public finances, affected by the COVID-19 pandemic and climate-induced droughts. In a statement on Monday, the World Bank outlined the commitment, contingent […]

In a recent church service in Sotik, Bomet County, President William Ruto outlined a strategy to address Kenya’s unemployment issues. The core of this initiative is to secure 3,000 to 5,000 jobs weekly for Kenyan citizens seeking employment abroad. President Ruto expressed the government’s commitment to new bilateral agreements to export the nation’s workforce. “We […]

In response to Kenya’s economic challenges, the International Monetary Fund (IMF) has reached a crucial agreement to provide financial support. This includes an immediate disbursement of $682.3 million, with an additional commitment of $938 million to sustain Kenya’s ongoing economic initiatives. These measures come at a critical juncture for the East African nation, grappling with […]

In a significant stride, Nairobi Gate Industrial Park unveiled East Africa’s maiden Special Economic Zone (SEZ), complete with a gazetted customs control area during yesterday’s inauguration. The industrial park now provides a consolidated hub, offering businesses operating within the facility a streamlined experience with various regulatory agencies, including the Kenya Revenue Authority, Kenya Ports Authority, […]

Kenya’s horticulture industry has demonstrated robust growth, recording a noteworthy 40% increase in export earnings for the third quarter. The Central Bank of Kenya (CBK) unveiled these promising figures in its latest economic report released on Tuesday. Economic Momentum: Key Metrics During the July-September period, Kenya’s horticulture exports fetched 39.3 billion Kenyan shillings, reflecting a […]

October witnessed a commendable financial upswing for President William Ruto’s administration, with tax receipts showing a substantial 19.42% growth, totaling Sh170.48 billion compared to the same period last year. The surge can be attributed to the effective implementation of measures backed by the International Monetary Fund (IMF). Under the Finance Act of 2023, the Kenya […]

In a bid to alleviate concerns over mounting debt and economic stability, Kenyan President William Ruto has announced that Kenya will make an early repayment of $300 million towards its $2 billion Eurobond obligation. The payment, which was initially set for next June, will now take place in December, as reported by Ruto in his […]

Kenya’s National Treasury is facing a significant liquidity challenge due to a convergence of factors, according to Cabinet Secretary Njuguna Ndung’u. Addressing the Finance and National Planning Committee, Ndung’u detailed the key issues that have led to this financial conundrum. At the core of the challenge are the maturing short-term debts, a weakening national currency, […]

Kenya’s electricity imports from Ethiopia have been reduced by half, a consequence of the severe drought affecting the Horn of Africa region. This setback was revealed by Energy Cabinet Secretary Davis Chirchir during the National Dialogue Committee hearings aimed at addressing the cost of living. Previously, Kenya had contracted to receive 200 megawatts of electricity […]

In a move of strategic importance, the Kenyan government is actively considering the purchase of up to a 20 percent stake in the Turkana oil project, with the outcome depending on a review of the project’s revised development plan and the availability of funds. The Energy and Petroleum Regulatory Authority (Epra) director-general, Daniel Kiptoo, revealed […]