03 November 2008

This economy stuff has really reached everywhere...

Kenyan economic growth could halve over the next year mainly because of falling remittances from many local expatriates living in the UK and the United States.

With only three years left before the protection that the Kenya sugar industry enjoys on imports from Comesa countries expires, the Ministry of Agriculture is proposing a multibillion shilling rescue package entailing massive loans write-offs and fresh injections of hundreds of millions in the ailing state-owned sugar factories.

Kenya has unveiled a high profile campaign aimed at encouraging its key parastatals to issue infrastructure bonds.  President Mwai Kibaki, who addressed a conference on infrastructure bonds in Nairobi last week, said the new initiative will help the country tap funds held by the country's rich pension funds and put them into building roads, water dams and airports.

Tourism Yet to Recover

The tourism sector is yet to recover from the ravages of post election violence 10 months down the line with a reduction of 30 per cent in earnings in the third quarter of the year compared to the same period last year.  The earnings stood at KSh34.5 billion compared to the KSh49.2 billion registered over the same period last year.

Hope as Aids fight gets Sh10bn

Kenyans living with HIV and Aids now have hopes of prolonging their lives as the country is set to receive $130 million (Sh10 billion) to fight the disease.  The money is a new grant from the Global Fund.  Public Health and Sanitation minister Beth Mugo said yesterday it will be used to buy antiretroviral drugs for patients living with HIV and AIDS.