Sunday, July 6News That Matters

Tag: business today

Lamu fishermen arraigned in court for using prohibited gear
Business

Lamu fishermen arraigned in court for using prohibited gear

Twenty fishermen were on Monday arraigned in court in Lamu after they were arrested for using illegal fishing gear in the Kenyan Ocean waters. The fisherfolks were arrested at Ziwayu and Mtangawanda areas of Lamu last week while fishing onboard motorized boats christened Nasubiri and Nazra, using prohibited fishing gear, including monofilament net.  Twelve of the fishermen admitted the charges and were fined Sh20,000, or in default serve six months in prison.Eight of the fishermen, however, denied the charges and were released on a Sh50,000 bond or Sh20,000 cash bail. The case will be mentioned on April 19, 2021. The fishermen have been presented to court at a time when the government launched a crackdown for illegal fishing gear across the Indian Ocean, in Lamu count...
IMF approves sh255bn loan.
Business, Politics

IMF approves sh255bn loan.

The International Monetary Fund has approved a Sh255 billion loan for Kenya which the Treasury says would be used to support the next phase of the Covid-19 response and address the urgent need to reduce debt vulnerabilities. The financing is under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF). An initial disbursement of Sh79 billion is expected, of which Sh34 billion will be released immediately and Sh44.2 billion by June 30. Treasury says the 38-month programme will help scale up Covid19 response; reduce debt vulnerabilities; address weaknesses in state-owned enterprises; and support financial stability. Yatani said the country pursued the loan as the early measures announced by the government to the effect of tax reliefs, expanded health sp...