This was meant to make basic commodities more affordable to consumers during the economic crisis precipitated by the Covid-19 pandemic.

Despite the reduction, the prices of many commodities on supermarket shelves and other retail outlets have remained the same, either because the reduced rate is too insignificant to be noticed or perhaps because the new VAT rates have not been effected.

SHORT-CHANGED

Minister Ukur Yatani told Reuters in an interview he was also concerned about the impact that debt relief might have on Kenya’s credit rating.

The Group of 20 major economies last month agreed to suspend payment obligations on bilateral debt owed by their least developed counterparts through the end of the year. The goal was to free up more than $20 billion that poor governments could use to buttress their health services.

“We understand that you might be going through a tough time and we would like to continue working with you to support your institution’s activities during and beyond these extraordinary times,” Absa Bank Kenya managing director Jeremy Awori said.

The Covid-19 pandemic forced the closure of schools two months ago, prompting the government to recommend virtual learning.

But this has been hindered by lack of the supporting infrastructure like laptops, tablets and smartphones for bothe teachers and learners.

The Coronavirus pandemic has turned the world on its head. No part of our lives has been left untouched by the global disruption. Children are out of school. Manufacturing firms have fallen silent. People are out of jobs in millions, and more are joining them every day. The best healthcare systems in the world are overwhelmed. Scientists world wide  are trying to understand the virus and find a vaccine.

There was a 67% improvement in volume, 283% improvement in turnover and 20% improvement in deals from Thursday’s trading.

GAINERS AND LOSERS

Standard Group was the top gainer for the day with 10% share price appreciation closing at KSh 19.80 per share. It was followed by Kenya Airways, Eveready East Africa, and Sameer Africa.

Top loser was Nairobi Business Ventures whose share price declined by 10% to close at KSh 0.54 per share. It was followed by Transcentury, Eaagads Limited, and Umeme Limited.

Central Bank of Kenya (CBK) data shows that transactions via credit, debit cards and point-of-sale (PoS) machines hit Sh165.56 billion in the first quarter of 2020 compared to Sh163.91 billion of the same period last year.

The number of deals settled through cards, however, dropped to 17.98 million in the first quarter of the year amid virus-fuelled demand slump, compared to 23.95 million in 2019 during the period.

The International Monetary Fund (IMF) excluded Kenya from the list of countries granted loan interest payments waivers because it’s per capita income was above $1,215 (Sh128,790).

Kenya, which is classified as a lower-middle-income country, recently joined mounting calls to rich nations like China and Group of 20 (G20) to hold off debt interest payment this year for poor and developing nations amid worsening economic fallout from the Covid-19 pandemic.

As schools countrywide were being closed indefinitely following the outbreak of the coronavirus, Daniel Kabugu together with his fellow students at the Kenyatta University (KU) were devising ways to help Covid-19 patients.

With lectures suspended, they formed an online group where Institute of Electrical and Electronic Engineers (IEEE) members could pitch prototypes.

“We settled on a ventilator concept,” says Mr Kabugi, 24.

Kenya is forging ahead with its plan to build a Sh121.45 billion pipeline from Lokichar to Lamu to boost its crude oil exports despite the concern over falling prices of the commodity in the global market.

Budget estimates show that the State Department for Petroleum plans to spend Sh648.5 million in the financial year starting July 1 on the oil pipeline, commonly known as Project S.

The allocation is in addition to the Sh777.5 million allocated in the current financial year to undertake research, feasibility studies, project preparation and design for the project.

The Treasury has given the Kenya Planters' Co-operative Union (KPCU) a target of Sh5 billion sales by June next year, marking a reversal of an initial plan to liquidate the coffee organisation.

The target is to double the amount marketed in the following year to Sh10 billion and raise it again to Sh20 billion by June 2023, according to budget documents release to Parliament last week.