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  • Signing of a Ksh. 41 billion Memorandum of Understanding to Support the Capacity and Development of Strategic Renewable Energy Projects.
  • Signing of a Ksh. 41 billion Memorandum of Understanding to Support the Capacity and Development of Strategic Renewable Energy Projects.
  • Signing of a Ksh. 41 billion Memorandum of Understanding to Support the Capacity and Development of Strategic Renewable Energy Projects.
  • Signing for completion of Essar Energy Overseas Limited Exit
  • Ease Of Doing Business Conference
  • Budget 2016
  • Budget 2016
  • Budget 2016
  • Signing for completion of Essar Energy Overseas Limited Exit

Treasury News

Signing for completion of Essar Energy Overseas Limited Exit

Essar Energy Overseas Limited Exit1Treasury Cabinet Secretary Henry Rotich (L) with his Principal Secretary Dr Kamau Thugge addresses the press today, Friday, June 24, 2016 during the signing ceremony for the completion of a transaction that will see the Essar Energy Overseas Limited exit the Kenya Petroleum Refineries Limited (KPRL) through selling their 50 percent shareholding to the Government of Kenya making the Government the owner of all the shares of the company. The Government of Kenya negotiated the terms of the Essar exit on the acquisition of the company's shares in KPRL for a consideration of USDollars 5 million (about Sh 500 Million).

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2016 Budget Statement

csNational Treasury Cabinet Secretary, Henry Rotich holds the brief case with the 2016-2017 Budget Statement (estimates) at his National Treasury building office before going out to Parliament to present the budget today, Wednesday, June 8, 2016.

 

 

 

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Signing of a Ksh. 41 billion Memorandum of Understanding to Support the Capacity and Development of Strategic Renewable Energy Projects.

DSC 1742Cabinet Secretary, Mr. Henry Rotich and the British High Commissioner to Kenya, H.E. Mr. Nic Hailey today at the Treasury Building signed a Ksh. 41 billion Memorandum of Understanding to Support the Capacity and Development of Strategic Renewable Energy Projects in Kenya.

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Sign Joint Declaration of Intent between Germany and GoK

DSC 0973The Government of the Federal Republic of Germany, represented by the Head of East Africa Division, Dr. Ralf-Matthias Mohs and the National Treasury Kenya Principal Secretary Dr. Kamau Thugge today signed a Joint Declaration of Intent on Technical Support for the Preparation of the Second High Level Meeting of Global Partnership for Effective Development Cooperation (HLM2 of GPEDC) to be hosted from 28th November - 1st December 2016 at KICC, Nairobi.

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African Federation of Institutes of Internal Auditors 3rd Annual Conference

psthuge1The National Treasury Principal Secretary Dr. Kamau Thugge addressing the African Federation of Institutes of Internal Auditors 3rd Annual Conference at Kenyatta International Conference Center (KICC). The PS who represented the National Treasury Cabinet Secretary hailed internal auditing for promoting good governance practices and standards through various initiatives.


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High interest rates and impact on the cost of living as companies and the public react to changes effected by banks, with the shilling tumbling to 103.71 last month before rebounding to Sh101.1 against the dollar on Wednesday could pose threat to economic growth.
Coming at a time when the country is facing a slow economic expansion and borrowing costs have hit a two-year high, Central Bank’s efforts to stem the shilling’s slide by intervening in the foreign exchange market and mopping up liquidity has not had the desired effect.


When banks hike lending rate, it signals difficulties for companies and individuals currently servicing loans, leading to a significant change in growth projections as plans based on old interest rates are revised.
Those planning to start businesses and invest in additional funds following the revisions need to take into account new rates, and investors who had planned to expand facilities by importing machinery must align their costs to the new regime.
Interest rates, just like fuel and energy, normally have an impact on all strata of the economy. The revision in interest rates has a knock-on effect on the economy and could lead to less investment as people shy away from “expensive capital” inputs-the effect, if widespread, could lead to a higher inflation as investment funds become more costly.
Analysts say companies are now working towards doing more with less by becoming more efficient in energy use and reducing wastage.
They say the liquidity problem needs to be managed by the Central Bank, the National Treasury and the government in general who must reduce the current account deficit by increasing exports while managing expenditure and receipts.
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