Economies and global markets have entered into a period of extreme volatility, and productivity across all sectors has fallen significantly except for medical products such as ventilators, test kits and face masks.

In Kenya, the insurance industry is amongst the sectors reeling from virus-induced shocks. Businesses will continue to feel the pinch as a direct result of the Covid-19 Pandemic. As a matter of policy, majority of insurers and reinsurers do not cover pandemic risks but expect to see an upsurge in claims that are indirectly related to the pandemic.

Speaking during a demonstration session by the lead engineers and doctors, Prof. Stephen Kiama, the University of Nairobi Vice Chancellor, congratulated the team for the hardwork put in place to ensure that the low cost portable ventilator comes to life. “This demonstrates our value of care. We care for Kenyans”, he said. He added that once the machine is deployed, it will go along way in helping Kenyans with many respiratory problems long after the COVID19 is gone.

The fund says the cuts will cost the Kenya Revenue Authority (KRA) and compromise the State’s ability to deal with emergencies and spending on development projects like roads, power plants and water infrastructure.

The IMF has asked the Treasury to reverse its earlier stand of delinking the tax reliefs to the end of the coronavirus pandemic, meaning that Kenyan workers and companies will stop enjoying them after the spread of the virus has been contained.

The Treasury is reviewing the application but has remained non-committal on whether it will offer the national carrier the money it needs for the maintenance of the grounded planes, payment of staff salaries and settlement of utility bills like security, water, electricity and parking fees.

Large aircraft pay $25 (Sh2,650) daily to park at airports like JKIA and $585 (Sh62,010) and $702 (Sh74,412) to land during the day and night respectively.

Central Bank of Kenya (CBK) data reveals that cash-starved companies and households tapped half of the loans made available from the end of March for borrowers affected by the impact of the global coronavirus pandemic which has created both a health and economic crisis.

The World Bank, in its latest Kenya Economic Update, April 2020 titled: Turbulent Times for Growth in Kenya – Policy Options during the COVID-19 Pandemic, has warned that the COVID-19 global pandemic poses unprecedented turbulent times for Kenya’s economy, with growth expected at below 0.2% in a worst-case scenario. READ MORE..

The Central Bank of Kenya(CBK), in the month of April alone, granted approvals to 11 commercial banks and one microfinance institution to access KSh 17.59 Billion in cash and deposits held in its reserves. READ MORE..

The Central Bank of Kenya (CBK) announces the acquisition of 51percent of the shareholding of Mayfair Bank Limited(MBL)by Commercial International Bank (Egypt) S.A.E(CIB) effective May 1, 2020.

The Monetary Policy Committee lowered the Central Bank Rate (CBR) to 7.00 percent at its April 29, 2020 meeting.

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Standard Chartered (StanChart) has restructured Sh8 billion of loans, equivalent to about 6.47 percent of its net loans at the end of last year, as the lender seeks to cushion customers who have been hit by the coronavirus crisis.

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