NEWS - Page 7 of 8

The state has recovered Sh36 billion in unclaimed Assets Deposits Fund and has taken it to the central bank.

The Unclaimed Financial Assets Authority (UFAA) has come under different criticisms with regard to unclaimed funds that have been recovered but the Authority has continued to rise to the occasion of enhancing the recovery of unclaimed assets.

More Than Sh36 Billion Was Collected: Several Issues Remain

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In the last five years, the UFAA has retained Sh36 billions of unclaimed financial assets and transferred it to the Unclaimed Assets Trust Fund Account at the CBK.

However, during a Senate Finance and Budget Committee session, the outgoing acting chief executive officer Caroline Chirchir was put to task on the failure to balance accounts on Sh10 billion assets. From funds estimated to reach Sh11.5 billion by June 2023, only Sh1.5 billion has been eyed, a reality that has seen lawmakers demand explanation.

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Explaining the Gaps

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Chirchir said that Sh10 billion was unaccounted for mainly due to reunification at source where some people claimed their items directly before they were remitted to UFAA.

“Other unified assets are payments to owners, used accounts, and accounts seized by the court, according to Section 19 of the UFAA Act,” she said.

There is still Sh8.8 billion yet to be collected owing to issue like; noncooperation from institutions, cases in courts, and the fact that audit is normally done with retrospective effect. Chirchir told me that audits of unclaimed assets, no matter how conventional the location might be, normally take approximately 10-15 years.

There has been a lot of criticism regarding the Costs of Audit and procurement.

The committee also noted that it had quarrels with the kind of audit expenditures done by UFAA; it suggested that it was wrong for Sh500 million to be used to pay for audit services. Nominated Senator Gloria Orwoha pointed out for instance, Sh3.4 million spent on auditing unclaimed asset of only Sh5.8 million as ‘imprudent’.

Chirchir defended the agency’s action by stating that due to inadequate human resource capacity in the compliance section, the agency outsourced the auditors through the national open tender through Public Procurement and Assets Disposal Act. UFAA has conducted 134 audits in five phases at a cost of Sh416 million after its inception.

Senate ‘demands for More accountability’

Samuel Leshomo, the Chair of the Senate Finance and Budget Committee, Mandera Senator, Ali Roba, described some of the answers by UFAA as sad and demanded for further probe.

“The Senate Finance and Budget Committee is unhappy with the replies provided by the Unclaimed Financial Assets Authority to several issues raised. For the other issues to be dealt with, we will arrange another meeting,” said Roba.

A New Era for Financial Transparency?

Achieving a UFAA status for the recovery of Sh36 billion is encouraging but this has come coupled with increased public pressure on the organization to enhance transparency, efficiency and effectiveness on their operations. Since audits and recovery processes are still nascent in Kenya, public confidence depends on the agency’s capacity to address those issues and foster accountability.

As it stands, investors and customers are left with questions that may eat up all the goodwill that UFAA has built over time and some additional ones: Will UFAA rise to this occasion and put up the best examples of how to be as transparent financially as possible? It remains to be seen how this proceeds.

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“Confused and Afraid”: Rúben Amorim’s Man United Era Begins with a Frustrating Ipswich Draw

"Confused and Afraid": Rúben Amorim’s Man United Era Begins with a Frustrating Ipswich Draw

“Confused and Afraid”: Rúben Amorim’s Man United Era Begins with a Frustrating Ipswich Draw

New Manchester United manager Rúben Amorim begins his Premir League tenure on a rough note as it draws 1-1 against Ipswich Town.

Rashford early goal creates hope for the team.

Manchester United thrilled its fans to an early lead through Marcus Rashford in the second minute raising hopes for a new dawn for Rúben Amorim. However, the joy was cut short when, Omari Hutchinson of Ipswich Town equalised with a deflected shot before the break and they showed United again their bad sides of play.

Amorim Gets Realistic About Its Difficult Early Years

Rúben Amorim appointed from Sporting Lisbon as the replacement of Erik ten Hag seemed not to fear the remaining challenges. But his team, he said, had not been assertive enough and perhaps too tactical at times.

“It’s a tough league. I could get an impression it a bit over-possessing during the game – not only while making a pass but even in other situations on the field,” the trainer of the los six players said during an interview. His much-celebrated 3-4-3 formation which really worked well while in Portugal looked all raw dearly after only two sessions of training following an international break.

When you start with an early goal you must control the tempo. Right now, we can’t do that. ‘We must understand that on the pitch there are certain moments to control the ball and specific moments,’ Amorim said.

That is why players are struggling with confidence.

Amorim served no filter on the state of mind of his team. ‘The first half we played out of fear’. They are a little confused because it’s normal expecting two days of preparation before exams or tests prep. You look at it in the numbers and the choices made on the football pitch.

However, Amorim remained optimistic and asked for time on his side, as he revealed his plan for the medium and long term of the club. “We have two options: play it safe and push for marginal victories in a target market only to encounter the same challenges in the following year or adopt a new strategic direction in your marketing approach, agree to endure losses in the short run in order to gain more in the long run, he stated.

Concerning fitness and physicality as discipular object-technology Fitness and Physicality Under the Spotlight

This season, the tough Premier League schedule was a wake-up call for Amorim’s team, who the manager himself pointed out had physical weaknesses.

It is crucial that the players know the game first for them to win. Then, they need to have some muscle to let them push through some highly stressed situations. which will take time, but is important, Amorim pointed out The process to regain investor confidence ‘will take time but it is necessary’ Amorim pointed out.

Mixed Reactions from Fans

While some supporters saw some glimmer of attacking potential in United, many more were justifiably angered by the team’s shocking defensive frailties and lack of cohesion. The draw means United is 12th in the league which is a very long shot from what this club and its fans are used to.

Anyway, the expectations from Amorim are high given the upcoming severe clashes and he must immediately show the team’s stability. However, the desire to construct a sustainable personality of the team may need some time from the fans eager to see a miraculous transformation.

Amorim’s Redemption Journey Starts

As Manchester United moves to a new chapter under Rúben Amorim, prospects are quite bleak. Can the Portuguese strategist overcome the problems faced in the Premier League and make United a great team again? It has only started and now everyone is looking at Old Trafford.

Ruto Cancels Shadowy Adani Deals: Combating Corruption and Impunity need to go further

By canceling Adani Group contracts, President Ruto sets up hope but a clear message is now needed to end impunity.

Adani Wins & Losses – The foul play of Corruption and Deceit

President William Ruto during his State of the Nation address lifted the two projects that Adani Group was contracted to work on; the JKIA expansion PPP and the KETRACO transmission line PPP deal. The decision was grounded in “clear and/oretailed information of corrupt practice” and operating “with transparency and accountability.”

Many Kenyans have attributed the move to the arrest of Gautam Adani in the U.S over fraud and bribery charges In the move, the LSK fully supported the president but urged him to provide detailed information on the financial costs and losses. Such social media predictions of billions being spent as bribery to the Adani Group also calls for transparency.

LSK postulates that these contracts violated the Public-Private Partnerships Act If this were so, then they never ought to have been, and therefore, cannot now warrant severance penalty payments. The president must therefore act proactively not to allow impunity in disengaging from the Adani Group.

Higher Education Funding Model: A Looming Crisis

President Ruto noted that most public universities and TVETs have been financially constrained because of the new funding model that focuses on revenue-sharing per student in Higher Education. Despite its intended goal of catering more student with special needs up to 95% government subsidy, the model has brought public universities to the edge of extinction.

Several institutions are under immense pressure to maintain structural and statutory requirements, staff union, and guardians have demanded the government abandon current funding formula and return to the previous one or in extension adopt the new one gradually. To arrest this deterioration the President needs to heed these cries for help in order to avoid the total failure of higher education.

Intensification of Combating Impunity and Extradited Actions

The Kenyans were eased by the President’s intolerance to illegal arrest and extrajudicial functions stating that such trigger life and liberty violations. Thus, mere appeals to citizens to report the incidents to the DCI and IPOA lack the required measures.

The New Scientific reported that 60 people were killed under the demonstration for Finance Bill and 97 femicide cases between August and November in 2024 according to KNCHR. However, in many cases there is ample evidence incriminating security officers yet none has been done. It now devolves on the President to make sure that these human rights abuses are addressed as soon as possible.

Gender Representation: A Call for Political Will

President Ruto noted that it is still a puzzle why there is so much litigation with regards to the two-third Gender rule that guarantee that no more than two-third of an organization’s leadership team should be of one gender. While he was right in pointing out that elective positions presently are not in his realm, appointments, indeed, are.

This means that the President could follow the rule in his appointments to the government, for a true equality and inclusiveness for women.

Leadership Strident to Reclaim Government Institutions CORRUPTION REMAINS a prevalent and debilitating problem in many of the world’s economies.

Today Kenyans are eagerly waiting for President Ruto to provide clear and assertive directions on how to combat extra wiped corruption, impunity and inequality among others. To erase the doubts that Kenyans have developed about their President, the President should come out clear and make undeniably drastic measures in the quest to establish accountable and fairly governed Kenya.

The moment of stimuli has come, and it is time for us to make a step further and guarantee equal rights for everyone.

Elon Musk Joins Trump’s Cabinet: Key Picks and Surprising Choices for 2025

President-elect Trump’s Cabinet selections bring controversy, intrigue, and familiar faces.

Elon Musk Tapped to Lead New “Efficiency” Department

In a groundbreaking move, President-elect Donald Trump announced that Elon Musk, the world’s richest person, will co-lead a newly proposed Department of Government Efficiency (“DOGE”) alongside Republican primary contender Vivek Ramaswamy. This unprecedented department aims to overhaul federal bureaucracy with a focus on efficiency, spending cuts, and regulatory streamlining. Musk, a vocal Trump supporter, has pledged to bring his innovative vision to Washington.

Brooke Rollins to Head Agriculture Amid Focus on Farmland Security

Former Trump advisor Brooke Rollins has been nominated as Secretary of Agriculture. As president of the America First Policy Institute, Rollins has championed efforts to curb foreign ownership of U.S. farmland—a priority in Trump’s second term agenda.

Treasury Secretary: Hedge Fund Star Scott Bessent

Scott Bessent, founder of Key Square Management and a major donor to Trump’s campaign, has been selected to head the Treasury. Known for his pro-tariff stance, Bessent’s Wall Street experience will shape Trump’s economic policies as he navigates trade negotiations.

HHS Pick Sparks Debate: Robert F. Kennedy Jr.

Robert F. Kennedy Jr., a polarizing figure for his vaccine skepticism, has been named Secretary of Health and Human Services. His nomination has drawn bipartisan concern, with critics questioning his potential impact on public health policies.

Defense Nominee Pete Hegseth Under Scrutiny

Pete Hegseth, Trump’s choice for Secretary of Defense, faces renewed allegations of misconduct. Despite this, Trump has praised his military background and commitment to national security.

Stephen Miller Returns as Policy Advisor

Trump has brought back Stephen Miller, architect of some of his most controversial immigration policies, as Deputy Chief of Staff for Policy and Homeland Security Advisor.

A Cabinet of Controversy and Change

Other notable picks include Sen. Marco Rubio as Secretary of State, Linda McMahon as Education Secretary, and former Rep. Tulsi Gabbard as Director of National Intelligence. Trump’s team is poised to drive bold changes in domestic and foreign policy as he prepares to take office in 2025.

Stay tuned for further updates as Senate confirmation hearings approach and these key players prepare to shape the next administration.

KCB Overtakes Equity in Profit Race: After tax profits hit Sh44.5 Billion

Sustained growth in non-interest income, targeting more high net worth clients lifted KCB Group’s net profit by 31pc to $195m in the first nine months of the year, outpacing Equity Bank’s 23pc growth to $152m. KCB recorded an after-tax profit of Sh44.5 billion which was 48% increase and making KCB ahead of other financial institutions.

Explaining KCB High performance

KCB said that it had posted remarkable growth on the back of continued and aggressive revenue growth of all the subsidiaries; overall revenues rose by 22% to Sh142.9 billion. This increase was powered by both:

Funded Income: Enhanced by improved yields.

Non-Funded Income: Supported by improved FX earnings and strong result from the group’s operation in the Democratic Republic of Congo; Trust Merchant Bank .

Its regional subsidiaries apart from KCB Bank Kenya were the dominant performers contributing more than one-third of PAT and total net assets, thus affirming the effectiveness of the bank’s regionalization strategy.

CEO Paul Russo’s Optimism

Group CEO Paul Russo expressed confidence despite the challenging economic landscape:

“We have continued to walk the journey with our customers, whilst not losing sight of our core strate gettingics.”

This financial institution continues to control significant portions of the market share with total asset base standing at Sh2trillion and customer deposits totaling to Sh1.5trillion.

Equity Bank’s Strong Showing

Equity Bank, Kenya’s largest bank by shareholders’ numbers, was not left behind having recorded a net profit of KES 39.2 billion only. This growth was as a result of expanding income across its subsidiaries placed it as a powerful competitor in the financial industry.

Other Banking Giants also not lagging behind

Despite a slowing of the economy and losses amongst many corporate entities and layoffs, the wider banking sector already appears to be soaring. Here’s a snapshot of other top-tier performers:

Standard Chartered Bank Kenya

Net earnings rose more than 50% to Sh15.8 billion for Q3.

CEO Kariuki Ngari remains optimistic:

‘‘We are in a good place to be able to assist our clients to do this phase and we are optimistic of a good end of the year,”

I&M Group

Delighted shareholders with an interim dividend of $ 0.013 per share of shareholders’ worth Sh2.1 billion.

Recorded a net profit of Sh9.1 billion, an increase of 24 percent compared to the same period.

Absa Bank Kenya

They declared a Sh14.7 billion profit, a 20% increase from the same period a year earlier.

Co-operative Bank of Kenya

Recorded Sh19.2 billion in net earnings, just a 4.42% improvement from that of the same period in 2013.

Challenges Amid Success

However, this has been very much offset by increase in operating expenses, and provisions for non performing loans (NPLs). KCB group NPLs increased to Sh215.3 billion and the NPL ratio reached 18.5% due to customer’s ability to repay.

Why This Matters to You

Hiking banking sector performance suggests that the sector is hardy for business and a decisive driver of the Kenyan economy. To an investor, a customer or a stakeholder, these results are a clear indication that the lion share of the financial sector in Kenya is on an upward trend.

High-Stakes Showdown for Bamburi Cement: Shareholders Brace for Crucial Vote

The fight for Bamburi Cement has emerged as one of the electoral races with key shareholders set to vote for control by December 5. At the moment, there are two strong suits which actively compete in an attempt to influence the destiny of this cement industry behemoth.

The Bidders: Amsons Group: stock split results of the recent savanna Clinker Limited.

Savanna Clinker’s Patriotism Driven Offer

Through its chairman Kenyan tycoon Benson Sande Ndeta, Savanna Clinker has upped its offer from Ksh70 to Ksh76.55 per share reaching as far as Ksh27.8 billion. By so doing, Ndeta puts himself on the side of a patriot, who should support Kenyan businesses and with Faida Investment Bank by his side.

“To reassure those who will accept our offer, we assure all the shareholders that all the money will be paid in full, as we have adequate capital resources,” said the Managing Director of the Faida Investment Bank Lucas Otieno. The expansion bid for Savanna is further enhanced by its recognition due to its financing from the Global Infrastructure Finance and Development Authority (GIFDA).

Amsons Group’s Pan-African Strength

Kenyan quarry and construction materials firm Bamburi Quarry has received a Sh23.59 billion ($250 million) bid from Tanzanian conglomerate Amsons Group, led by its chief executive officer Edha Nahdi through its subsidiary Amsons Industries (K) Ltd. Amsons is conducting its bid in association with Kenya Commercial Bank (KCB) and has pledged to invest $350 million to upgrade Bamburi’s grinding and clinker manufacturing facilities

Reducing its bid price, Amsons seems not to be worried at all. But that was not all: “Our offer is at 42% above today’s price of Bamburi” remarked a leading member, Ahmed Abdallah.

Calendar of Key Decisions and Decision Flows

December 5, 2024: The shareholders are entitled to exercise their votes on the two bids.

December 20, 2024: That is when Bamburi will announce the winning bid.

February 28, 2025: Dividends to shareholders being paid subject to conditions set by relevant authorities.

In line with CMA regulations, bidders are free to update the offer within the next 10 days before the due date thus keeping the investors in suspense.

The Race for Holcim’s Stake

Bamburi’s major shareholder, Holcim, holds a critical 58.6% stake through two entities: Fincem Holding Ltd and Kencem Holding Ltd. Though Holcim had initially agreed to sell to Amsons, Holcim again changed its mind in October and offer Savanna Clinker a new window to try to attain control.

Savanna Clinker’s Edge

Savanna Clinker is pinning a lot of its success on its home country of Kenya. Ndeta, who has more than 20 years’ experience in the cement industry, was formerly chairman of East African Portland Cement and drove a KES 65 billion clinker project in Kitui to cut importation.

Savanna’s history has painted it with some bad pasts like its former company’s difficulties in commanding adequate funds, but Ndeta wants Bamburi to remain in the NSE.

Amsons’ Pan-African Vision

Amsons Group is currently active in many countries like Tanzania, Malawi, Mozambique, DRC, Zambia and Burundi. Its cement production plant has a daily production of 6,000 tonnes and the firm’s revenue is Ksh130 billion per year.

If Bamburi is to be merged with Amsons, the later has, in its takeover bid proposal, expressed willingness to have the entity delisted from the NSE if it were to get 75% controlling stakes which probably will not be acceptable by all the shareholders.

The Stakes for Shareholders

Both bidders bring compelling offers:

Savanna Clinker: A higher price with a message of patriotism and a promise never to exit the NSE.

Amsons Group: A seasoned and well diversified candidate with regional focus and with plans to modernize.

CMA has invited shareholders to consider which proposal best suits them.

What’s Next?

That leads to a raising of stakes as the December 5 voting deadline approaches. In this case, shareholders are presented with tough decision that is likely to change the Organization: Bamburi’s history.

Chelsea Flying High: Leicester City vs Chelsea as Arsenal Keeps the Heat on the Top

Chelsea claimed a final sixteen dramatic 2-1 success against Leicester City at the weekend as Enzo Maresca makes a return to the King Power Stadium. The win puts Chelsea a point from second placed Manchester City in the English Premier League, although Arsenal ensured that pressure was maintained on their title rivals by beating Nottingham Forest in a later kick off.

Chelsea’s Commanding Start

Starting strongly and relentlessly, Chelsea looked a side on a rampage from the very tonic. Nicolas Jackson started well, displayed confidence and physical strength, to make the visitors deservedly ahead. Nevertheless, the first-half dominance failed to translate into fuller exploitation by the Blues that otherwise was a clearly better team.

Jose Felix, who only had his first start in the English top tier this campaign, came close twice with his shots in the first quarter an hour. Newcastle was able to break down a stubborn Stoke side just after half time when Jackson pounced on a mistake from Wout Faes, and instinctively put the ball in the net to make it his seventh league goal of the season.

Leicester Fights Back

Leicester, with the encouragement of the home fans, began to get close to equalizing as the first half ended. This was Kasey McAteer’s first full Premier League appearance, and nearly equalize, while Wilfred Ndidi wasted a good chance. He looked like Chelsea was finally having a slip and the tide began to turn.

A Game of Narrow Margins

The second half came closer to seeing Chelsea almost concede a ridiculous own goal as Noni Madueke nearly turned a Cole Palmer shoot into his net. It was again Chelsea that kept on probing and was rewarded in the 75 minute when a Jackson shot rebounded off the post and was met by the head of Enzo Fernandez, who scored what seemed to be the final goal to Coppa Italia’s two goals cushion.

Late Drama

Leicester wasn’t done yet. Late into the stoppage time, Jordan Ayew also scored a penalty after Bobby De Cordova-Reid made a clumsy challenge. But Chelsea stood their ground and got the valuable three points that take them to 22, three points behind City and three points ahead of Arsenal.

About the Challenges Ahead for Leicester

The defeat put Leicester in a very vulnerable position for the relegation zone. Worse still was the revelation this week from the team manager, Steve Cooper that winger Abdul Fatawu would be out for the rest of the season with a knee injury.

As Chelsea play up to par and Leicester grappling on the lower half, this Premier League season promises to deliver more. Is the Blues ready to continue this climb up the ladder, or will Leicester learn how to free themselves from the danger zone? Stay tuned!

Traders Decry ‘Punitive’ Liquor Store Closures Near Schools

Liquor stores shut down within 500 yards of school gates spark fury among traders who call it a ‘draconian’ penalty.

New regulations aimed at closing more than 2000 outlets selling alcohol within 400 metres from schools have been criticized by bar owners as arbitrary.

Are the Closures Justified?

Traders from 42 counties protested during the Bar Hotel and liquor traders association annual general meeting held in Murang’a County. They argue that many bars were opened prior to schools were set in the same location; this they said gives the directive a ‘ backlash ’ look .

Mapping by the Ministry of Education showed that, 2,252 schools are sandwiched within the liquor trading zones and endangering students with influences such as alcohol, violence and disturbances that accompany the outlets.

Government’s Stance

Interior Permanent Secretary Raymond Omollo stood in defence for the closures arguing that they were in accordance with the Alcoholic Drinks Control Act, which bars selling of alcohol within a radius of 300 metres from schools that host learners who are below the legal drinking age. Omollo stated:

“This directive will also protect the learners and enhance the success of the governments 100% transition plan.”

Traders do not however agree with the enforcement of the rule arguing that applying it without regard to history is unforgiving.

Crackdown: New Beginning of a History or Just Repeating the Same History

However, it emerged that, unlike other occasions where such measures were effected, many of such strategies have not been complied with. That is not going to happen anytime soon; however, a mass campaign called the National Campaign Against Alcohol and Drug Abuse has been initiated across the country. CEO Anthony Omerikwa warned:

“Non-adherent outlets will be closed; alcohol advertising billboards close to schools will also be pulled down.”

Will this crackdown now be the one to do what the others could not and stamp out these attacks?

Bar Owners Call for Dialogue

Association chairman Simon Njoroge appealed for a resolution through mutual agreement, emphasizing:

“We wish members to act according to law, but this process has to be equitable.”

During the inspections, bar operators were also concerned about corruption: they claimed that bribery determines licensing outcomes. They also pointed out shockingly high licensing fees as in Murang’a County the small village bars pay almost twice the fees charged in Kisumu or Kwale.

The Way Forward

Bar owners and traders proposed several solutions, including:

Continuous Inspection: To eliminate corruption, the BFAR disclosed that it threatened to turn its inspections into a routine process managed by the Department of Public Health.

Fair Licensing Fees: Consideration of the licensing charges, with a view of making them cheaper as those charged in nearby counties.

Counterfeit Control: Cutting on counterfeit alcohol by association with the Anti-Counterfeit Authority.

Speaking during the sitting, County Secretary Newton Mwangi assured that he will seek opinion of the various players about the fees to be charged on the licenses while former CPI Kamande Mwangi said that the trader in the liquor industry should be treated fairly.

Amorim Era starts at Man Utd, Man City looks to reclaim its past fortunes

Premier League action this weekend will be chock-full of drama with Ruben Amorim getting his turn in the Manchester United limelight while Pep Guardiola is set to bring a stop to Manchester City’s free-fall. Here’s what you need to know:

Amorim strikes big on its first day at Manchester United

The wait is over—Ruben Amorim officially takes the helm of Manchester United tomorrow when the Red Devils are at Portman Road to play a rejuvenated Ipswich Town.

They defeated Tottenham after an incredible 22-year span without a win and Ipswich is now eyeing Old Trafford’s newest boss as their next scalp.

United’s Away Day Blues: Amorim has inherited a squad with a lot of drawbacks, especially an awful record in away games. This season, under Erik ten Hag, United has registered a single victory in their seven away games.

Even now United is 13th, but only four points from the top four, and for Amorim that is an ideal chance to start to improve the team’s positions. Club captain Bruno Fernandes offered insight into what the Portuguese brings to the table:

The most memorable thing is his relation to the players. I can watch the kind of send off they give him and the kind of attitude they have for him—it defines him and how much he offers to the team.”

Can Amorim rekindle the flame at Portimonense and begin his time as the team’s new leader well?

31 Things You Did Not Think That Man City Can do, Including Losing Streak

In the other town Pep Guardiola is experiencing a crisis that in his coaching career he has never witnessed. Manchester City has lost four games in a row – this is the first time in his career Guardiola was defeated four times in a row.

But it’s not all bad news. He has recently been linked with a move to Barcelona after signing a new two-year deal that will surely help City to start fighting for the top four, let alone challenging for the Premier League title.

Injury Woes and Title Hopes: The international break comes at a time the key players are out of action with injuries and Guardiola has taken the opportunity to reset and encourage his men. But time is an issue and City now sits five points behind Liverpool.

They also have the statistics on their side – no team that has been six points clear of second place after 11 games has been denied the title. For Liverpool, the next weekend’s match against Manchester City is already in the horizon, thus this weekend’s showdown with Tottenham must be won.

Who Will Seize the Spotlight?

Will an exciting start at Man United inspire David Amorim to produce another great GT performance or will the Tractor Boys follow up their magic by sending the Mancunians back home disappointed? Can Guardiola overcome City’s slump and start their title defense spree?

We Want Your Take!

📊 How would you bet on Amorim’s debut?

🔥 Is this the year that City’s rivals take their crown, or will the English giants respond?

Kenya Eyes UAE Loan Amid IMF Debt Warnings: What’s Next?

Kenya Eyes UAE Loan Amid IMF Debt Warnings: What's Next?

Kenya is gearing up to secure a Sh193 billion ($1.5 billion) loan from the United Arab Emirates (UAE), raising questions about the country’s fiscal future as the International Monetary Fund (IMF) cautions against escalating debt risks.

Why Is Kenya Turning to the UAE?

The government, led by President William Ruto, views the loan as a vital lifeline to avert a looming budget crisis. Persistent revenue collection shortfalls by the Kenya Revenue Authority (KRA) have left the treasury scrambling for solutions.

Yet, this loan comes at a critical juncture: the IMF has been pressing Kenya to implement stricter borrowing limits and expand its tax base.

IMF’s Take

The IMF isn’t entirely against the UAE loan but emphasizes a cautious approach. According to IMF Mission Chief for Kenya, Haimanot Teferra, the loan’s terms could prove advantageous—if they are more favorable than Kenya’s current high-cost debt.

However, Teferra warns

“Borrowing at high rates to finance the budget could worsen the situation. Careful consideration of the loan terms and their impact on Kenya’s debt dynamics is crucial.”

The IMF’s concerns are part of a broader effort to push Kenya toward fiscal discipline. IMF Deputy Managing Director Nigel Clarke is slated to visit the country in December to discuss debt mitigation strategies and revenue reforms with government officials.

What’s at Stake for Kenya?

With the loan expected in staggered disbursements, Kenya hopes to receive Sh91 billion ($700 million) early next year. But will this loan ease pressure on social programs like health and education, or will it deepen the debt hole?

Tax Woes: The Treasury has been struggling to introduce tax proposals that could generate Sh174 billion—far below the initial target of Sh346 billion. Strong opposition to tax hikes leaves their success in doubt.

Balancing Act: IMF representatives highlight the tough balancing act Kenya faces between funding urgent social needs and managing its swelling public debt.

What Are the Alternatives?

Should Kenya continue borrowing to finance its budget, or focus on reforms to expand the tax base and improve fiscal discipline? IMF First Deputy Managing Director Gita Gopinath puts it bluntly

What Are the Alternatives?

Should Kenya continue borrowing to finance its budget, or focus on reforms to expand the tax base and improve fiscal discipline? IMF First Deputy Managing Director Gita Gopinath puts it bluntly

“A credible fiscal consolidation strategy is essential to address debt vulnerabilities while safeguarding critical social and development spending.”

Your Voice Matters

What do you think about Kenya’s loan strategy? Could this move stabilize the economy or push it further into debt? How should the government balance social spending and debt management?

👉 Join the Conversation! Share your thoughts below. Let’s discuss the future of Kenya’s economy.