Ruto calls for reforms to address debt crisis
President William Ruto has asked African leaders and Parliaments to champion the continent’s development agenda. He asked them to implement policies and legislations that will unlock Africa’spotential and create opportunities [...]
Kenya Secures USD 500 Million Syndicated Medium-Term Loan Facility
The Kenyan Government has secured a Syndicated Medium-Term Loan Facility amounting to USD 500 million to finance development projects in 2023/4 budget. The loan, which has a tenure of 3 [...]
Ruto Signs Two Crucial County Bills Into Law
President William Ruto on Friday signed into law the County Allocation Revenue Bill, 2023 and the Equalisation Fund Appropriation Bill, 2023. The two Bills will enable the 47 devolved units [...]Reprieve as Cabinet Approves Pending Bills Committee
Suppliers of both the county and national governments in Kenya on Tuesday got a reprieve following formation of a committee to speed up payment of Sh640.9 billion owed to them. [...]CBK Raises Key Benchmark Rate to 10.50%
The Central Bank of Kenya (CBK), through its top policy-making organ-the Monetary Policy Committee (MPC), has revised upwards the benchmark base lending rate from 9.50% to 10.50%. This monetary tightening [...]
Finance Bill 2023 Finally Receives Presidential Assent
The Finance Bill 2023, which has been plagued by stiff opposition from a section of legislators and civil societies as well as professional bodies, has finally received assent from Kenya’s [...]SACCOs to Reap Big from Kenya’s 2023/24 Budget
Savings and Credit Co-operative Societies (SACCOs) in Kenya which engage in the deposit-taking business, are set to reap big from the 2023/24 Budget. This is if proposed legal amendments to [...]Kenya's 2023/24 Budget Highlights
Kenya's new administration, led by President Dr William Ruto, is presenting the country's budget for the fiscal year 2023/24. The budget aims to address key developmental priorities while grappling with [...]Outdated Act Suffocating Growth of Kenya’s Co-op Sector
A delay in reviewing the outdated Co-op Act Cap490, the principle law that governs how cooperatives operate in Kenya so that it is in sync with the new constitution and [...]Central Bank of Kenya Holds Benchmark Interest Rates Steady at 9.5%
The Central Bank of Kenya has maintained the benchmark interest rate at 9.5% during its May 29th, 2023 monetary policy meeting. The bank cited the ongoing transmission effects of the [...]Moody's Places Kenya's Government Ratings on Review for Downgrade
New York credit ratings agency Moody's Investors Service has downgraded Kenya's long-term foreign-currency and local-currency issuer ratings to B3 and placed them on review for further downgrade. The agency said [...]Safaricom's M-Pesa License Approval in Ethiopia Paves Way for Financial Inclusion and Innovation
Safaricom Telecommunications Ethiopia, a subsidiary of Kenya's Safaricom Plc, recently received a mobile money license in Ethiopia, marking the first time a foreign investor has been granted such a license [...]
