Though the country witnessed a 65 per cent per cent flow increase, the FDI inflow declined from $1.59 billion (205 billion shillings) in 2022 to $1.5 billion (193 billion shillings) in 2023.
The shift from pastoralism to economic activities among Kenya’s Cushitic communities exemplifies broader socio-economic trends influenced by environmental transformations.
The World Bank attributes the downgrade to the continued struggle with weak government balance sheets, partly from low revenue collection and high debt-service costs.
Data by the Central Bank of Kenya (CBK) shows the usable foreign exchange reserves stood at $6.97 billion (Sh911.8 billion), or just about 3.6 months of import cover as of May 29.
National Assembly Clerk Samuel Njoroge said on Tuesday that the public hearing will be held on June 10 at the Kenyatta International Convention Centre (KICC) in Nairobi from 9.30 am to 5 pm.
If the bill becomes law, insurance companies will collect the motor vehicle tax at the point of issuance of insurance coverage and remit the same to the Kenya Revenue Authority (KRA) within five working days.
ICPAK says the proposal to reclassify the supply of ordinary bread from zero-rated to standard-rated will increase the product’s price, as it is a staple food for most Kenyans.
The prices of spinach, kale (sukuma wiki), tomatoes, and Irish potatoes increased by 18.2 per cent, 15 per cent, 14 per cent, and 6.2 per cent, respectively.
The government has written off Sh110 billion worth of sugar factory debts accumulated over 40 years.
Opponents of the formula say populous regions already have better infrastructure, like roads, unlike sparsely populated areas.
This worrying trend highlights the desperate measures individuals are taking to survive harsh economic realities.
KEBS said the 2023 growth was primarily driven by a 19 per cent expansion in agriculture, forestry, and fishing.
President William Ruto intends to raise the country's average tax rate from 14 per cent to 16 per cent by the end of 2024, and to 20–22 per cent by the end of his term.
The president ordered Labour Cabinet Secretary Florence Bore to spearhead the process and report back to him in due time.
This surge defies state-backed initiatives to reduce the cost of essential fuel, including the removal of the eight per cent value-added tax (VAT).
President William Ruto has reassured the public time and again that his government is committed to the war on graft but has been criticised over the withdrawal of bigfish cases.
Head of Public Service Felix Koskei further ordered the suspension of the purchase of promotional items such as calendars, diaries, umbrellas, power banks, key holders, bags, flasks, cups, branded traditional blankets (shukas) and notebooks.
The president noted that the government and all its organs must operate within their means, ensuring expenditure never exceeds revenue.
Super petrol's price dropped by Sh7.21, diesel by Sh5.09, and kerosene by Sh4.49, EPRA announced in its latest monthly review.
PS Shadrack Mwadime said a labor migration desk was set up at the JKIA to quicken the process and curb irregular migration.