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  • Second High-Level Meeting of the Global Partnership for Effective Development Co-operation
  • The Iranian Minister for Economic Affairs and Finance ,Dr. Taieb Nia today paid a courtesy call to the National Treasury Kenya Cabinet Secretary, Mr. Henry Rotich at his office in the Treasury Building. Dr. Taieb who is attending the UNCTAD14 Conference was accompanied by the Iranian Ambassador to Kenya, H.E. Dr. Faraj Vand.
  • Joint Press Statement on Kenya's State of the Economy
  • Joint Press Statement on Kenya's State of the Economy
  • Joint Press Statement on Kenya's State of the Economy
  • Signing for completion of Essar Energy Overseas Limited Exit
  • Signing for completion of Essar Energy Overseas Limited Exit
  • Signing for completion of Essar Energy Overseas Limited Exit

Treasury News

Joint Press Statement on Kenya's State of the Economy

Nairobi, July 12, 2016

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Dr Geoffrey Mwau, Director General, Budget, Fiscal and Economic Affairs addresses the Press today Tuesday, July 12, 2016 when he jointly with International Monetary Fund (IMF) delegation from Washington DC, USA issued a press statement on Kenya's State of the Economy (Fiscal Transparency Evaluation for Kenya) at the National Treasury building in Nairobi. With him from Left to Right are Paul Seeds, Public Financial Management Advisor, IMF-Africa Regional Technical Assistance Center, Richard Allen, Public Financial Management Expert, Fiscal Affairs Department, IMF and Armando Morales, Resident Representative African Department, IMF. The evaluation was carried at the request of Government of  Kenya by a team from the Fund's Fiscal Affairs Department in September 2014, using information for the fiscal year 20122014.Since Fiscal Transparency Evaluation was carried out, the Kenya Government  has undertaken steps in several areas to improve practices.

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Signing Ceremony of World Bank Loans to Kenya of about Sh 36 billion

Nairobi, KNA, July 16, 2016

DSC 9422National Treasury Cabinet Secretary Henry Rotich (Right) and Country Director, World Bank, Diarietou Gaye today, today, Monday, July 4, 2016 sign three credits and two grants totaling US$ 359.1 (Sh 36 billion) from the World Bank for the following three projects: (i) the Kenya Youth Empowerment and Opportunities Project of US$ 150 million (Sh 15 billion), (ii) Transforming Health Systems for Universal Health Care Project of US$ 191.1 million (Sh 19.1 billion), and (iii) the Eastern and Southern Africa Higher Education Centers of Excellence od US$ 18 million (Sh 1.8 billion) in a ceremony at the National Treasury Building in Nairobi. Rotich said the signing signifies the excellent bilateral relation between Kenya and the World Bank, which span since Kenya’s independence.

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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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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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