ukur yattani Archives - Daily Chronicles

The National Treasury is spending Sh38 billion to bailout Kenya Airways, Kenya Power and universities.

2Feb

By Nasra HusseinNo Comments

Business

The National Treasury is spending Sh38 billion to bailout Kenya Airways, Kenya Power and universities.

The National Treasury is spending Sh38 billion to bailout Kenya Airways, Kenya Power and universities. Treasury is seeking the approval of the National Assembly for an extra Sh126 billion spent in this year’s budget. KQ has been allocated a chunk of the additional amount at Sh26 billion followed by expenditures on fuel subsidy that took up Sh24 billion. Allocation to Kenya Airways constituted the highest of the Treasury’s extra spending, most of which was drawn from a reduction in marine transport projects at Sh15 billion. “The reduction is on account of rationalisation of slow-moving projects,” Yatani said, adding that KQ allocation is to help cater to the airline’s expenditures. Universities are also set for a cash boost with the allocation of Sh8.5 billion more to ca...

Treasury CS Yatani admits kenya in serious financial crisis.now admits

16Jun

By Nasra HusseinNo Comments

local news

Treasury CS Yatani admits kenya in serious financial crisis.now admits

Treasury CS Ukur Yatani has promised to release Sh39 billion to counties by Friday to avert shutdown as he lifted the lid on the financial crisis hitting the government. Yatani pledged the disbursement when he appeared before a Senate committee to explain the delayed releases, just a day after governors threatened to shut down the devolved units for lack of funds. They decried delayed cash disbursements amounting to Sh102 billion that has accumulated since January and affected critical services, payment of salaries and statutory deductions and clearance of pending bills. On Tuesday, Yatani came under fire from members of the Senate Finance and Budget Committee for treating counties like "stepchildren" while national government operations run normally. “Counties are easily ...

5Apr

By Nasra HusseinNo Comments

Business

Yatani defends new Sh255bn IMF loan.

Treasury Cabinet Secretary Ukur Yatani has defended the Sh255 billion the country from the International Monetary Fund. Kenya seeks to use the cash, which the first batch of Sh34.5 billion is expected this week, to support the next phase of Covid-19 response. Yatani said the new loan facility expected from IMF is was part of his fiscal strategy to abandon commercial loans. “Equitable and affordable access to the vaccine is critical and help from the international community are urgently required,” the CS told the Star. The IMF board approved the country's request on Friday. The cash is expected to stabilize debt levels. The CS said the monies would help mitigate ‘the devastating effects of Covid-19 and set the stage for economic recovery. The Treasury boss sa...

Uhuru’s government borrowed 3.37 billion daily.

22Mar

By Nasra HusseinNo Comments

Business

Uhuru’s government borrowed 3.37 billion daily.

President Uhuru Kenyatta Jubilee administration borrowed an average of 3.37 billion every day in 2020. This is according the 2020-21 half year budget implementation review by the controller of Budget Margaret Nyakango shows the government borrowed 1.23 trillion between December 30,2019 And 30,2020 December. This pushed the country’s debt to 7.28 trillion from 6.05 trillion an increase of 20.5 per cent in a span of just one year. The CoB warning adds to the growing criticism and concerns by financial expert’s politicians and the general public about the Jubilee administration. Economists have warned that Kenyans should brace for higher taxes to avert a situation in which the country will not be able to meet its debt obligations. According to the report released by t...