News

Cabinet Secretary, Henry Rotich (Centre) and Japanese Ambassador to Kenya Tatsushi Terada (Left) today, Wednesday, March 9, 2016 at the National Treasury building sign notes for Olkaria V Geothermal Power Plant in which Japan loans Kenya Sh 40 billion (45.69 billion Yen) for the construction of the 140 MW geothermal power plant. Looking on right is the Cabinet Secretary, Petroleum and Energy, Charles Keter. Present also was Eng. Albert Mugo, Managing Director and CEO, Kengen. The overall goal of the project is to enhance electricity power supply in Kenya for a conducive investment environment and sustainable development.

DSC 3116Deputy President William Ruto makes official opening remarks today, Tuesday, December 8, 2015 during Development Partnership Forum (DPF) on “Youth Employment” at his official residence, Karen in Nariobi.  Ruto is the Forum Chair. The forum, which was attended by among others, Principal secretaries, members of Council of Governors, Ambassadors and High commissioners, Heads of mission, the Private Sector, Civil Society Organizations and foundations is envisioned to adopt the recommendations of the thematic Pre-DPF- Development Partnership Forum.

Bank of Africa Kenya has unveiled new strategies to increase market share, to be implemented in 2016 – 2018 financial years.
The bank has opened three container branches, called BOA Direct, located at Total Petrol stations on Thika Road, Jogoo Road and Industrial Area in Nairobi.

Five-day  23rd ESAAG International Conference opens at the KICC, Nairobi
Cabinet Secretary, National Treasury, Henry Rotich delivers the keynote address today, Monday, March 7, 2016 as he officially opens the five-day (March 7-11)  23rd Eastern Southern Africa Accounts-General (ESAAG) Annual International Conference at the Kenyatta International Convention Centre. The theme of the conference, "Fostering economic development through innovative Public Financial Management (PFM) practices" . The conference draws together accountants-general from Eastern and Southern Africa.

The National Treasury Cabinet Secretary Mr. Henry Rotich has emphasized on the importance of moving from the Millennium Development Goals (MDGs) to Sustainable Development Goals (SDGs) as the only way to facilitate Development Partnership Forum on Youth Employment.

The Central Bank of Kenya (CBK) has indefinitely suspended licensing of new commercial banks, paving way for mergers and acquisitions.
The decision comes in the wake of massive fraud on customers’ savings at Imperial and Dubai Banks, which apparently escaped its supervisory wing.

3rconfCabinet Secretary, National Treasury, Henry Rotich delivers keynote address to officially open two-day 3rd Regional Credit Information Sharing (CIS) Conference today, Tuesday, February 23, 2016 at Hilton Hotel in Nairobi. This year's theme is, "CIS for Innovation and Financial Inclusion - Mikopo Kisasa". This has been inspired by the innovative loan and credit bureau products in the credit markets today. The two-day conference will be characterized by motivating speeches, enlightening plenaries, thought-provoking panels, and the chance for participants to network with peers in the credit industry.

DSC 1451Charles Khayira, Deputy Director Education, who represented the Principal Secretary, Education, Science and Technology gives the keynote address today, Tuesday, November 24, 2015 during Ministry of Education, Science and Technology – East African Community Students’ Essay Writing Competition 2015 National awards Ceremony at the Kenya Institute of Curriculum Development in Nairobi. The participants of the essay competition were required to write essays of between 1000 – 1500 words on: “Why political stability is is important for the integration of the East African Community partner?” The competition commenced on March 30th, 2015 and ended on 17th July, 2015.

The government has banned non-essential foreign travel by public officers and cut spending on breakfast meetings, office furniture, printing and advertising to make a saving.
The trips blacklisted include benchmarking and study tours by national and county government officials.

csThe National Treasury Cabinet Secretary addressed the East Africa Finance Summit today. " The National Treasury is in the  process of developing and operationalising the institutional and regulatory environment that will help in facilitating the growth of Shariah complaint finance in Kenya," Rotich said.  " In addition, we are exploring the possibility of becoming a member of the Islamic Development Bank in order to leverage on the opportunities enjoyed by the member states," he added.

 

The Central Bank’s Monetary Policy Committee (MPC) has retained its key lending rate at 11.5 per cent for the third time in a row in line with analysts’ forecast.

MPC chairman Dr Patrick Njoroge, said measures taken on September 22 meeting had stabilized the market, except for the significant rise in the Treasury bills.

A steady shilling prompted the Monetary Policy Committee to retain the Central Bank Rate (CBR) at 11.5 per cent.

Other factors that informed the decision were decline in Treasury bill and inter-bank lending rates, and inflation hovering within the targeted range.

Signing Financing Agreement of SIVAP between AfDB & GOK Worth Ksh 6.23 billion
afbCabinet Secretary, Treasury, Henry Rotich (Right) and Gabriel Negatu, Director African Development Bank (AfDB), East Africa Resource Centre signing financing agreement between AfDB and Government of Kenya for Small-Scale Irrigation and Value Addition Project (SIVAP) toady, Thursday, February 4, 2016 at the Treasury Building in Nairobi. The  signed agreement  of agricultural development financial support amounting to USD 62.346 million  (Kshs. 6.23 billion) is divided into two components: AfDB loan totalling USD 39.546 million (3.95 billion) and grant amounting to USD 22.8 million (Kshs. 2.28 billion) advanced by the agriculture and Food Secuirity Program (GAFSP), but administered through AfDB)).

A new proposed formula released by the Commission on Revenue Allocation (CRA) for sharing of revenue among the 47 devolved units relies less on poverty levels in the sharing of Billions from the National Treasury among the counties.
The national government will raise share of allocations to the devolved units that increase their own internal revenue collection during the preceding financial year.

The Central Bank of Kenya (CBK) offered Kshs.16 billion into the money markets using reverse repurchase agreements.
Traders yesterday said the reverse repo offerings help to ensure that smaller banks have access to shilling liquidity which the CBK has said tends to be skewed towards larger lenders in the Kenyan market.


DSC 7413 (1)Cabinet Secretary National Treasury Henry Rotich (Right) consults with Wycliffe Oparanya, Chairman Finance, Planning and Economic Affairs Committee (Centre) and Chairman, Council of Governors, Peter Munya today, Tuesday, January 5, 2016 during Council of Governors/Treasury IFMIS e-Procurement meeting at Safari Park Hotel in Nairobi. The meeting chaired by Rotich deliberated on IFMIS e-Procurement and its implementation at the Counties. During the meeting a Technical Committee was formed, which is to look into the IFMIS e-Procurement, especially its implementation and challenges at the Counties and come up with report with recommendations on improving and addressing the teething problems of the system. The chairman of the committee will come from Treasury while secretariat will come from Council of Governors.

The Resources Mobilization Department in the National Treasury has served the country very well over the years and continues to do so.

The department is under the Directorate of Public Debt Management Office which is instrumental in seeing that the resource mobilization function is performed by the Ministry for the benefit of Kenyans.

Global economies are built by Small and Medium Enterprises (SMEs).  They provide the entrepreneurial vibrancy and vitality which drives economic activity across different industries.

The SMEs are the undisputed foundation of economic diversification and expansion, contributing immensely towards a positive socio-economic impact within the country.  Their importance in Kenya is reflected in the Economic Survey 2014 which showed that 80 per cent of the 800,000 jobs created were in the informal sector that is dominated by SMEs.

10th December 2015
Treasury Cabinet Secretary Henry Rotich yesterday launched the product Market Regulatory study Report at the Intercontinental Hotel in Nairobi.  
This was during the world competition day that aims at raising awareness and creating rather than imposing a competition culture among the market participants to benefit the citizens.

Average interest on short-term interest rates continues to fall piling pressure on banks to lower cost of borrowing.
Yield on government papers fell for the third straight week as it continued to cut appetite for domestic borrowing, which pushed the rates to record highs on October 22.