In Kenya, the potential spread of the disease is likely to affect the well being of citizens, and an increase in the number of poor and vulnerable households is imminent.  This calls for a swift and coordinated policy approach by the Government in responding to the crisis to cushion Kenyans from the adverse effects of the pandemic. For the Government to respond appropriately, quality data on the effects of the pandemic is urgently needed.

The exchange rate remained stable due to the narrowing current account deficit, from 5.0% of GDP in 2018 to 4.9% in 2019 thanks to increased transfers. Foreign exchange reserves rose from $9 billion in 2018 to $9.4 billion at the end of August 2019, equivalent to 6 months of imports, or more than the East African Community convergence criterion of 4.5 months. The fiscal deficit is estimated at 7.5% of GDP in 2019, down from 8.8% in 2017, thanks to ongoing fiscal consolidation and greater domestic resources mobilization.

The Kenyan economy has been mostly unfree for more than two decades. GDP growth over the past five years, however, has been robust, led by expanded consumer demand.

Absa Bank Kenya has announced that it has restructured over 50,000 loan facilities amounting to over Ksh 54 billion.

In a statement, the bank says loan relief programme covers all types of credit types including personal loans, mortgages, asset financing and business loans among others. Under this programme, customers qualify for an initial relief of up to three (3) months which can be further reviewed on a case by case basis. READ MORE..

The ‘Big 4’ Agenda projects have been allocated KSh 128.3 Billion in the 2020/21 National Budget. A massive drop from KSh450.9 Billion allocated in last year’s budget and KSh 400 Billion allocated in the 2018/19 budget. READ MORE..

The Treasury Cabinet Secretary Ukur Yatani walked a tight rope while making public pronouncements on the Kenya Budget including his revenue-raising measures and the highlights of the KSh 3.2 Trillion 2020/21 document, his first such appearance before parliament. READ MORE..

National Treasury CS Ukur Yattani reads his first budget statement today, Thursday 11, giving the outlook for the FY2020/21. He will be presenting a Ksh2.7 trillion budget whose Ksh1.8 trillion expenditures far outweigh the projected meager revenues of Ksh1.6 trillion. READ MORE..

The 2020/2021 budget barely differs with its predecessor as the total spend rounds off to Ksh, 2.73 trillion from Ksh.2.78 trillion last year.

The budget, otherwise summarized as total expenditure and net lending includes Ksh.Ksh.1.8 trillion as ministerial expenditures while Ksh.549.7 billion account for development expenditures to the respective ministries and state departments (MDAs).

The University of Nairobi has made the following appointments:

The first major economic impact due to COVID-19 was the volatility on the country’s stock market. Trading was halted at the Nairobi Securities Exchange (NSE) after the NSE 20 index dropped more than 5%, the first day a COVID-19 case was reported in the country. READ MORE