East African countries have tabled their budget allocation as they prepare for uncertain economic times . However, the budgetary estimates paint an optimistic future buttressed by tax waivers and economic incentives. In uncertain times, the countries have put in place measures to jumpstart their pandemic hit economies. Moreover, the countries are bracing themselves for declining […]
Tag: kenya power lighting
Kenya Airways picks British firm for turnaround plans
A Kenya Airways plane at the JKIA in Nairobi. FILE PHOTO | NMG National carrier Kenya Airways has picked a UK consultancy firm, Steer Group, to guide it on the most viable turnaround strategy options in the face of deepening financial losses and depressed passenger numbers. KQ chief executive officer Allan Kilavuka said the London-based […]
Kenya Receives $750 million Boost for COVID-19 Recovery Efforts
WASHINGTON, June 10, 2021 —To reinforce Kenya’s resilient, inclusive and green economic recovery from the COVID-19 crisis, the World Bank approved $750 million in development policy financing to support policy reforms that will strengthen transparency and accountability in public procurement and promote efficient public investment spending. This development policy operation supports measures to improve medium-term […]
State unveils Sh36bn Covid bailout for KQ, Kenya Power
The government will spend Sh36 billion to bail out key parastatal which have sunk into losses as a result of Covid-19 economic fallout. The National Treasury said companies including Kenya Airways, Kenya Power, and several universities need urgent support after their revenues dropped sharply during the pandemic. International Monetary Fund (IMF) has revealed the bailout […]
Government to retain stake in profitable parastatals
Treasury Cabinet Secretary Ukur Yatani. FILE PHOTO | NMG The State has ruled out selling its stake in profit-making parastatals despite pressure to do so and unlock cash and growing strain of external borrowing. Stanley Kamau, Head of Public Investments at the National Treasury said the firms remained strategic to government plans and national security […]
Kplc welcomes Uhuru’s task force to review its purchase agreements
• Kplc said the fiscal year that ended on June 2020 was one of the toughest the company has ever experienced. • The company said that there will be no urgent need for tariff increases if all customers pay their bills on time. Kplc Board of Directors chairperson Vivienne Yeda speaking during the company’s AGM […]
Uhuru picks team to review Kenya Power’s costly purchase deals
Mr John Ngumi. FILE PHOTO | NMG President Uhuru Kenyatta has appointed a task force to review power purchase agreements (PPAs) signed between Kenya Power and all electricity generators with a goal of renegotiating the energy prices and other terms downwards. The team will be chaired by boardroom veteran John Ngumi and will have 15 […]
Popular Supermarket Slashes Prices of Basic Commodities
Customers queueing at a supermarket in Kenya The Machakos County Government under the leadership of Governor Alfred Mutua has unveiled an innovative plan to cushion its residents following the Covid 19 protocols. In a press statement released this afternoon, the governor announced that the county had partnered with Mulleys Supermarket and other private businesses to […]
‘Waiver on land rates, parking fees’: Governor Mutua cushions Machakos residents
• He reduced transport levy costs by 50 per cent, and non-payment of fees on vegetable vendors, boda boda operators, tuk tuk and Maruti operators. • Mutua removed wholesale and retail charges alongside parking fees. He also issued a 50 per cent waiver on Single Business permits. Machakos county governor Alfred Mutua has announced a […]
Kenya Power defaults Sh23.9bn KenGen bill
Kenya Power chief executive Bernard Ngugi. FILE PHOTO | NMG Kenya Power defaulted on payment for electricity worth Sh23.9 billion supplied by KenGen in the year ended June 2020, exposing the electricity producer to the risk of major losses. The Office of the Auditor-General says in its report on the power generator’s financial statements that […]