Ms Jane Karuku, the new EABL chief executive. FILE PHOTO | NMG Locals take over top EABL, BAT jobs
East African Breweries Limited (EABL) and British American Tobacco (BAT) will from January 1 be managed by new chief executives following the changes announced in December.
Jane Karuku will assume office as the new EABL group managing director while Crispin Achola will also start a similar role at BAT.
The changes come after the respective companies announced that the term of the current managing directors—both being foreigners— are expiring December 31.
In the last four and a half years Andrew Cowan has steered EABL while BAT was in the hands of Beverley Spencer-Obatoyinbo.
The appointments now place the two firms in the hands of Kenyans with John Musunga also set to replace Ms Karuku as the new Kenya Breweries Limited managing director, effective March 2021.
Ms Karuku’s appointment marks a promotion since she has been the managing director of the Kenyan unit —Kenya Breweries Limited— since September 2013.
For Mr Achola it will be the return for an insider who served BAT for 19 years before exiting in 2017.
More foreign loans
Kenya is expected to get an approval of a $2.3 billion (Sh250.4 billion) loan facility for budget support from the International Monetary Fund executive board, which is set to meet in February.
Kenya has applied for the extended Fund facility programme to support the next phase of Kenya’s response to Covid-19 including an initial disbursement of $725 million (Sh79 billion) in the first half of 2021.The loan will help the government fill the budget gap whose forecast for this fiscal year has been increased to 8.9 percent (Sh1 trillion) of gross domestic product from 7.5 percent (Sh841.06 billion) in June.This is in the backdrop of revenue shortfall with tax receipts falling short of Sh384.3 billion target by Sh41.75 billion in the first quarter to September.Previously Kenya had kept away from direct budget funding from institutions like the IMF and the World Bank during former President Mwai Kibaki’s regime with most of the support coming in the form of project support.However spiralling debt that has become unsustainable hitting Sh7 trillion debt or 69.2 per cent of the economy in August has forced a return to the multilateral lenders.The country has turned to the IMF and the World Bank for cheaper loans concessional loans tapping Sh100 billion from the World Bank and Sh79.3 billion from the IMF. […]