Kenya’s private sector activity plunged in March to its lowest level since November 2017 as the global coronavirus pandemic hit consumer demand and forced businesses to shed jobs and cut back on their operations.

The Market Stanbic Bank Kenya Purchasing Managers’ Index (PMI)—which tracks business performance in the manufacturing and services sector-- fell to 34.8 in April from 37.5 in March from 49.0 in February.

The International Monetary Fund (IMF) executive board on Wednesday approved Sh78.4 billion ($739 million) in emergency financing to help Kenya respond to the sudden economic shock caused by the Covid-19 pandemic.

“Emergency financing under the Rapid Credit Facility (RCF) will deliver liquidity support to help Kenya cover its balance of payments gap this year," said IMF deputy managing director Tao Zhang in a statement.

The Court of Appeal has restored KRA’s power to snoop on tax evaders’ MPESA and bank accounts. In a ruling, the court argues that hindering KRA from accessing the information may cripple the agency’s mandate to collect taxes. READ MORE..