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Kenya has sought a new lending programme from the International Monetary Fund after both parties agreed to end the ninth review of the current programme, which is set to expire next month. Finance Minister John Mbadi noted that approximately $800 million remains unutilized, prompting the request for a funded programme. The government is working to stabilize its finances amid rising debt-servicing costs.
Kenya is set to introduce legislation allowing the use of cryptocurrencies, marking a significant policy shift from previous government opposition due to concerns over money laundering and scams. Treasury Cabinet Secretary John Mbadi emphasized that this move aims to position Kenya as a leader in financial innovation while addressing associated risks through a regulatory framework. The government has already seen substantial revenue from crypto traders, indicating the sector's potential economic impact.
The BRICS alliance is set to expand in 2025, with growing interest from African nations eager to join. This expansion could enhance bilateral trade and local currency settlements, appealing to developing countries seeking alternatives to the US dollar. Additionally, discussions around cryptocurrency adoption are intensifying, with proposals for an electronic payment infrastructure that may position Bitcoin as a viable alternative to the dollar, potentially reshaping global economic dynamics.
Kenya's High Court has halted the government's plans to concession Jomo Kenyatta International Airport, following President William Ruto's cancellation of a deal with India's Adani Group. The court's decision came after legal challenges from opponents questioning the government's authority to lease the airport.
Adani Group faces escalating challenges as U.S. authorities indict its founder on bribery and fraud charges, leading to a significant selloff in its stocks and bonds. Major partners, including TotalEnergies and the Kenyan government, have halted investments, while the U.S. International Development Finance Corp reviews its agreements with the conglomerate. The situation has prompted scrutiny from Indian regulators and calls for further investigation into the group's financial practices.
Kenyan President William Ruto announced the cancellation of proposed deals with the Adani Group, including a major airport expansion and a $700 million power transmission project. He cited "new information provided by investigative agencies and partner nations" as the reason for this decision. The energy ministry's contract with Adani Energy Solutions had already been suspended by a court in October.
Kenyan President William Ruto has canceled plans to award concession deals to Adani Group for constructing power lines and managing the main airport. He emphasized his commitment to combating corruption, citing new evidence from investigative agencies and partner nations that prompted the immediate cancellation of the procurement process.
Kenya's economy is recovering, and the head of President William Ruto's economic council suggests the country may not require additional support from the International Monetary Fund (IMF). Following a $3.6 billion financing deal signed in 2021, discussions for a new agreement have commenced as the current program is set to expire in April.
Kenya’s Supreme Court upheld key tax measures from the 2023 budget, providing relief to President William Ruto’s administration amid financial challenges. The Finance Act 2023 included a rise in value-added tax on fuel to 16% and an increase in the top salary-tax band from 30% to 35%, aiming to generate 214 billion shillings ($1.66 billion) for the fiscal year ending in June.
Kenyan President William Ruto defended the government's decision to engage with Adani Group, following public protests over the lack of transparency in the deals. Recently, Kenya signed a $736 million agreement with Adani Energy Solutions Ltd. for power-transmission lines, amid backlash over plans to lease the country's largest airport to another Adani unit.
William Ruto
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