Job and pay cuts in the wake of the Coronavirus global pandemic have forced workers to restructure bank loans worth Sh190 billion, highlighting the impact of the virus on the Kenyan economy.
Treasury Secretary Ukur Yatani has said that personal loans account for more than half of the Sh360 billion worth of loans that have been restructured by workers and small businesses that need urgent help to survive the economic slowdown caused by the viral disease. The reviewed loans are equivalent to 12.86 percent of the lenders’ loan book of Sh2.8 trillion as at end of May, underlining the impact of the health crisis on the bank’s businesses and borrowers’ financial situation. Reference:https://www.businessdailyafrica.com/news/Workers-get-Sh190bn-in-Corona-loan-reliefs/539546-5577128-3nwvvm/index.html
