The Central Bank of Kenya (CBK) has pumped into the market more dollars to prop up the shilling after weakening to hit 106.15/35 on Monday’s close.
The shilling weakened close to its all-time low in early trading yesterday, weighed down by corporate dollar demand and US currency’s strength. At 10.22 am, the shilling traded at 106.60/70 close to the low of about 107 in October 2011; but finally closed at 105.5 in the afternoon against the greenback.

Kenya has introduced Public Private Partnerships (PPPs) to spur the participation of the private sector in infrastructure development in the country.
The Director of Public Private Partnerships (PPPs) in the National Treasury Engineer Stanley Kamau, said the introduction of PPPs projects in Kenya’s infrastructure development is a major milestone for the government in providing services at an accelerated and an affordable rate.
In an interview with the media at the National Treasury, Engineer Kamau said the PPPs infrastructure projects the government has engaged are unique because it is the first time projects have deviated from the traditional procurement process.

DSC 8292
Cabinet Secretary, the National Treasury, Henry Rotich makes opening remarks today, Monday, August 24, 2015 when he officially opened a one-day IFMIS e-procurement Training for County Assemblies Clerks at the Kenya School of Monetary Studies in Nairobi.

 DSC 8252
Chairman, the Societies of the Clerks of County Assemblies Edward Libedi makes his remarks today, Monday, August 24, 2015 during the official opening of a one-day IFMIS e-procurement Training for County Assemblies Clerks at the Kenya School of Monetary Studies in Nairobi.

After showing some stability last week, the Kenya shilling yesterday exchanged at 106 to the dollar even as Central Bank of Kenya (CBK) attempted to mop up excess liquidity of Ksh14 billion to stall the drop.
Last Friday, the shilling exchanged at Ksh105.60/70 to the dollar. Since the year began the shilling has lost nearly 14.8 percent of its value against the US dollar.
Analysts attribute the fall to the strength of the US dollar globally, demand for foreign currency from telecommunications and energy firms, and Kenya’s widening current account deficit.

Kenya will be the first African country to host the sixth Tokyo International Conference on African Development (TICAD) Yokohama Action Plan in Nairobi during the second half of 2016. This will enable Kenya to strategize on the best methods to seek financial and technical support from Japan within the framework of TICAD initiative to implement priority projects in line with the Vision 2030 blue print.
The country will also utilize the forthcoming Kenya/Japan Annual Bilateral Consultations for Economic Cooperation for 2015/2016 financial year to discuss areas of future cooperation and other issues of mutual interest between the two countries.

DSC 7475

Cabinet Secretary Nnational treasury Henry Rotich makes opening remarks as he officially opens the e-Procurement overview for Council of governors in safari park, Nairobi ,Thursday, August 20, 2015.

DSC 7456
Wycliffe Oparanya, Chairman Finance, Planning and Economic Affairs Committee makes his remarks during the opening of  the e-Procurement overview for Council of governors in safari park, Nairobi ,Thursday, August 20, 2015.

The Capital Markets Authority (CMA) has advised county governments to raise cash from the public through sale of bonds to finance major infrastructure projects.
CMA acting Chief Executive Officer Mr. Paul Muthaura said with the commencement of new CMA guidelines next month, devolved governments will be able to issue infrastructure bonds.
Mr. Muthaura said guidelines to issue infrastructure bonds were ready and would soon be published to enable counties to structure asset-backed securities (ABS) to raise money from the capital markets.

Kenya Airways board and the top management future hangs in the balance in a drastic plan meant to return the national airline on the path to profitability.
The government is preparing a “turnaround plan” aimed at making the carrier that has been in the red over the last three years return to profit. National Treasury Cabinet Secretary Mr. Henry Rotich yesterday told a senate committee that the plan was at an advanced stage.

DSC 6926Participants(CEC's)  follow proceedings during the opening a one-day IFMIS E-Procurement Overview for County Executive Committee members - finance and Clerks of County Assemblies workshop today, August 18, 2015 at the Kenya school of Monetary Studies.

The shilling was little changed against the dollar last week, but was seen under pressure due to demand from importers and a general weakening emerging currencies against the dollar.
At 9:23 am on Friday, commercial banks quoted the shilling at 105.00/105.20 per dollar, barely changed from 104.95/105/15 on Thursday.
The shilling has been edging closer to its all time low of about 107 to the dollar, set in October 2011.
The Kenyan currency, down 16 percent this year, has come under pressure from a broad rally in the dollar, Kenya’s high current account deficit and poor tourism inflows after attacks by militants.

Kenya’s sound macroeconomic management and economic resilience built over the years has enabled the country to maintain strong economic growth and stability.
The Director General of Budget, Fiscal and Economic Affairs in the National Treasury Dr. Geoffrey Mwau, said Kenya’s economic growth prospects continues to remain stable due to the strong foundation of economic transformation.

Budget Sector Working groups urged to uphold hard budget constraint in view of scarce resources for allocation
Budget Sector Working groups (SWGs) preparing 2016/18 financial years Medium-term expenditure framework have been urged to uphold hard budget constraint in view of the limited available resources for allocation.
Director of Budget in the National Treasury Mr. Francis Anyona said expenditure requests outside the Sector Working groups will not be considered anymore by the Ministry in view of the scarce resources.

 The government has provided Ksh4 billion loan while the African Export-Import Bank has approved $200 million bridging loan to Kenya Airways (KQ) to help the national carrier to service its debts.
National Treasury Cabinet Secretary Mr. Henry Rotich told a senate committee last week in Parliament buildings that the KQ troubles are being audited before far-reaching actions are taken with regard to the Ksh25.74 billion loss incurred by the airline.

KRA Times TowerThe Kenya Revenue Authority (KRA) collected Ksh76.83 billion in taxes last month. The continuing focus on growing inflows from the excise duty streams through ongoing crackdown on manufacturers.
Statement of actual revenue published by National Treasury Cabinet Secretary Mr. Henry Rotich, indicates the taxman had a good start to the financial year that begun in July.
Full year target is Ksh1.215 trillion, which is 16.19 percent or Ksh170 billion higher than the Ksh1.05 trillion target for last fiscal year ended June 30.

Economic growthThe Government strives to achieve between seven to 10 per cent of sustained economic growth as stipulated by the Budget Policy Statement and Vision 2030.
National Treasury Cabinet Secretary Mr. Henry Rotich said investments in both public and private sectors of the economy will be scaled up in order to achieve the desired economic growth rate.

cbkThe Central Bank of Kenya (CBK) has been in the money markets greater part of this week seeking to mop up Ksh13 billion in excess liquidity.
The CBK uses repurchase and term auction deposits to soak up liquidity, making it costly to hold dollars and in turn giving the shilling support.

Ministries, State Departments and Agencies (MDAs) have been urged to assign experienced and competent officers who are able to spearhead budget making process in a bid to ensure that the government policies and programmes are well captured and funded accordingly.
National Treasury Principal Secretary Dr. Kamau Thugge said such officers include MDAs’ heads of budget, accounting, finance, planning, and human resource management and development.

KRA Times TowerThe Kenya Revenue Authority (KRA) has given manufacturers and importers of excisable goods among them Mumias Sugar Company and Keroche Breweries, that have not acquired licences, two months to comply.
In a joint statement with the Kenya Association of Manufacturers (KAM), the taxman said manufacturers who have faced difficulties in accessing county government letters of appointment have a 64 day reprieve from the date of licensing.

itaxKenya Revenue Authority (KRA) has set up an iTax Support Centre in Nakuru town to help taxpayers apply for pin registration, file returns and make enquiries.
Nakuru Deputy Governor Mr. Joseph Ruto said the county is automating tax collection, adding that it has implemented successfully automation of payment for a single business permit.

DSC 8712

Cabinet Secretary, The National Treasury, Henry Rotich  makes keynote address today, Wednesday, August 26, 2015 during the Launch of the Sector Working Groups and Preparation of 2016/2017 -2018/2019 Medium Term Budget at the Kenyatta International Convention Center in Nairobi.

DSC 8672

Cabinet Secretary Planning and Devolution, Anne Waiguru makes her remarks today, Wednesday, August 26, 2015 during the Launch of the Sector Working Groups and Preparation of 2016/2017 -2018/2019 Medium Term Budget at the Kenyatta International Convention Center in Nairobi.