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    851 million was not lost Embu County maintains

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    Covid-19 brings out the resilience of Kenya’s flower industry

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    East and Central Africa’s biggest educational content distributor opens new branch

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    Government to take over running of white elephant SGR

    Mitumba trade employs over 2 million Kenyans new report reveals

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    3.6 m up for grabs in this years Benjamin Mkapa African Wildlife Photography Awards

    African Airlines Association call for support measures to rescue continent aviation industry

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    Mitumba trade employs over 2 million Kenyans new report reveals

    Mitumba trade employs over 2 million Kenyans new report reveals

    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

    Equity land Ksh16.5 billion loan to support MSMEs

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    851 million was not lost Embu County maintains

    851 million was not lost Embu County maintains

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    Covid-19 brings out the resilience of Kenya’s flower industry

    Trouble at Britam as top executives face sack one month after new CEO takes office

    Trouble at Britam as top executives face sack one month after new CEO takes office

    Citibank establishes programme to support women owned businesses

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    Opinion: Now is The Time to Redeem the Nursing Profession

    Opinion: Now is The Time to Redeem the Nursing Profession

    Mitumba trade employs over 2 million Kenyans new report reveals

    Mitumba trade employs over 2 million Kenyans new report reveals

    3.6 m up for grabs in this years Benjamin Mkapa African Wildlife Photography Awards

    3.6 m up for grabs in this years Benjamin Mkapa African Wildlife Photography Awards

    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

    Equity land Ksh16.5 billion loan to support MSMEs

    Equity land Ksh16.5 billion loan to support MSMEs

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      Trouble at Britam as top executives face sack one month after new CEO takes office

      Trouble at Britam as top executives face sack one month after new CEO takes office

      Citibank establishes programme to support women owned businesses

      Citibank establishes programme to support women owned businesses

      Equity land Ksh16.5 billion loan to support MSMEs

      Equity land Ksh16.5 billion loan to support MSMEs

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      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

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      Trouble at Britam as top executives face sack one month after new CEO takes office

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Kenyan Business Feed
  • Home
  • News
    851 million was not lost Embu County maintains

    851 million was not lost Embu County maintains

    Covid-19 brings out the resilience of Kenya’s flower industry

    Covid-19 brings out the resilience of Kenya’s flower industry

    Citibank establishes programme to support women owned businesses

    Citibank establishes programme to support women owned businesses

    East and Central Africa’s biggest educational content distributor opens new branch

    East and Central Africa’s biggest educational content distributor opens new branch

    Opinion: Now is The Time to Redeem the Nursing Profession

    Opinion: Now is The Time to Redeem the Nursing Profession

    Government to take over running of white elephant SGR

    Mitumba trade employs over 2 million Kenyans new report reveals

    Mitumba trade employs over 2 million Kenyans new report reveals

    3.6 m up for grabs in this years Benjamin Mkapa African Wildlife Photography Awards

    3.6 m up for grabs in this years Benjamin Mkapa African Wildlife Photography Awards

    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

  • Markets
    Mitumba trade employs over 2 million Kenyans new report reveals

    Mitumba trade employs over 2 million Kenyans new report reveals

    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

    Equity land Ksh16.5 billion loan to support MSMEs

    Equity land Ksh16.5 billion loan to support MSMEs

    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    World Animal Protection calls for an End to wildlife trade

    World Animal Protection calls for an End to wildlife trade

    JKIA and Moi International Airport named the best in Africa

    JKIA and Moi International Airport named the best in Africa

    tvN – Korea’s top entertainment brand debuts on DSTV

    tvN – Korea’s top entertainment brand debuts on DSTV

    Samsung Named Top Global TV Manufacturer

    Samsung Named Top Global TV Manufacturer

    Locally assembled Proton Saga saloon car released to the market  

    Locally assembled Proton Saga saloon car released to the market  

  • Real Estate
    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

    Developing Countries Set To Lose Sh22 Trillion Due to COVID-19

    Commercial office rents fall 13pc in quarter 3 & 4 of 2020

    New Construction Technology to help NHC deliver affordable homes

    New Construction Technology to help NHC deliver affordable homes

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    New Ksh350Million Commercial centre to be constructed in Athi River

    New Ksh350Million Commercial centre to be constructed in Athi River

    Greenpark Estate injects Ksh15M to its development

    Greenpark Estate injects Ksh15M to its development

    LG’s OLED Honoured at the Technology and Engineering Awards

    LG’s OLED Honoured at the Technology and Engineering Awards

    Kenya’s position as a Digital Media Hub gaining momentum

    Kenya’s position as a Digital Media Hub gaining momentum

  • Tech
    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    Konza Technopolis, Israel to host Innovation Challenge

    Konza Technopolis, Israel to host Innovation Challenge

    TikTok releases H2 2020 Global Transparency Report

    TikTok releases H2 2020 Global Transparency Report

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    2 Kenyans selected to create African Inspired stickers for New Chat App

    2 Kenyans selected to create African Inspired stickers for New Chat App

    Mobile Phones contribute to the realisation of UN SDGs – 2020 GSMA report says

    realme awards fans to Valentines through DaretoLove Campaign

    realme awards fans to Valentines through DaretoLove Campaign

    Opera launch its new Chat App to rival WhatsApp

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    IoT predictions for 2021: Smarter tech will make better business

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  • World Business
    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    World Engineering Day to Be Celebrated in Kenya

    World Engineering Day to Be Celebrated in Kenya

    How NASA Technology Can Help Save The World’s Largest Shark

    How NASA Technology Can Help Save The World’s Largest Shark

    After fight with US Authorities Huawei CEO now want talks with Biden

    After fight with US Authorities Huawei CEO now want talks with Biden

    Ford Vehicles to be powered by Android and Google apps in new deal

    Ford Vehicles to be powered by Android and Google apps in new deal

    Columbia Africa banks on primary and preventive healthcare to grow market share

    Columbia Africa banks on primary and preventive healthcare to grow market share

    DHL Express Named Best Employer in The World

    DHL Express Named Best Employer in The World

    Meet the founder of Safari Doctors Umra Omar

    Meet the founder of Safari Doctors Umra Omar

    Kenya to receive Ksh 1 billion from Google for economic recovery

    Kenya to receive Ksh 1 billion from Google for economic recovery

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    851 million was not lost Embu County maintains

    851 million was not lost Embu County maintains

    Covid-19 brings out the resilience of Kenya’s flower industry

    Covid-19 brings out the resilience of Kenya’s flower industry

    Trouble at Britam as top executives face sack one month after new CEO takes office

    Trouble at Britam as top executives face sack one month after new CEO takes office

    Citibank establishes programme to support women owned businesses

    Citibank establishes programme to support women owned businesses

    Opinion: Now is The Time to Redeem the Nursing Profession

    Opinion: Now is The Time to Redeem the Nursing Profession

    Mitumba trade employs over 2 million Kenyans new report reveals

    Mitumba trade employs over 2 million Kenyans new report reveals

    3.6 m up for grabs in this years Benjamin Mkapa African Wildlife Photography Awards

    3.6 m up for grabs in this years Benjamin Mkapa African Wildlife Photography Awards

    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

    Equity land Ksh16.5 billion loan to support MSMEs

    Equity land Ksh16.5 billion loan to support MSMEs

    • Agribusiness
    • Banking
      Trouble at Britam as top executives face sack one month after new CEO takes office

      Trouble at Britam as top executives face sack one month after new CEO takes office

      Citibank establishes programme to support women owned businesses

      Citibank establishes programme to support women owned businesses

      Equity land Ksh16.5 billion loan to support MSMEs

      Equity land Ksh16.5 billion loan to support MSMEs

      Safaricom PLC Announces A 14.4 Per Cent Increase In Half-year Net Profit

      Safaricom cracks whip on rogue MPESA agents

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      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      DTB Bank set to shut down 6 branches

      DTB Bank set to shut down 6 branches

      Secure your future by saving with Metropolitan National Sacco

      Housing Finance launches new money transfer service

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      Trouble at Britam as top executives face sack one month after new CEO takes office

      Trouble at Britam as top executives face sack one month after new CEO takes office

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      AAR Insurance embrace paperless model with new mobile app

      Minet feted Insurance Broker of the Year

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      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

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      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

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      Octagon feted in 2020 World Pension Summit Innovation Awards

    • Manufacturing
    • Opinion
      Opinion: Now is The Time to Redeem the Nursing Profession

      Opinion: Now is The Time to Redeem the Nursing Profession

      IoT predictions for 2021: Smarter tech will make better business

      IoT predictions for 2021: Smarter tech will make better business

      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      Why Digital Services Tax is a retrogressive policy

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      How Citizen TV Became The Most Watched in Kenya

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      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

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      OPINION: Why Safaricom’s Fuliza is a rip off!

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

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Walking a tightrope between giving service and loan repayments

by Kenyan Business Feed
May 12, 2019
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JAMES ANYANZWA

By JAMES ANYANZWA
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East Africa’s finance ministers are walking a tightrope in their quest to finance recurrent government operations and keep major infrastructure projects on course amid falling tax revenues that have weakened key debt sustainability indicators.

The region’s debt service-to-total revenue ratios are coming under increasing pressure as governments struggle to achieve tax targets and the window for concessional loans narrows.

Last week, the International Monetary Fund warned Uganda to go slow on its borrowing plans after it emerged that the country’s growing debt had weakened its budget metrics to the extent that one out of every five Ugandan shillings paid to the government in tax revenues goes to debt payment.

The IMF is concerned that some of Uganda’s infrastructure built using loans may not generate the projected returns while interest payments on loans are rising.

In just one month alone (March) Uganda’s domestic revenue collection fell short of target by Ush19.7 billion ($5.17 million) — the taxman having collected Ush1.33 trillion ($349.38 million) this was attributed to underperformance of value added and excise taxes.

In Kenya, the National Treasury has predicted that the public debt service to revenue ratio, which stood at 35.8 per cent in 2017 and 30.5 per cent in 2018 will rise to 33.4 per cent this year largely due to the taxman’s failure to meet revenue collection targets.

Kenya’s revenue collection for the second quarter (October-December) of the current financial year (2018/2019) fell short of target by Ksh52.7 billion ($527 million), mainly weighed down by income tax shortfalls on account of depressed corporation tax performance.

Kenya’s total revenue collection, including appropriation in aid (A.i.A) by December 2018 amounted to Ksh794.7 billion ($7.94 billion) against a target of Ksh855.7 billion ($8.55 billion).

The Ksh61 billion ($610 million) shortfall was attributed to a Ksh52.7 billion ($527 million) ordinary revenue and a Ksh8.3 billion ($83 million) AIA underperformance.

Kenya’s higher level of debt, together with rising reliance on non-concessional borrowing, have raised the country’s fiscal vulnerabilities and increased interest payments on public debt to nearly 20 per cent of total revenues.

The 33.4 per cent public debt service to revenue ratio expected in the current financial year is nearly twice 2012’s 16.5 per cent.

In the 2019/2020 fiscal year, Kenya plans to meet its revenue shortfall of Ksh608 billion ($6.08 billion) by borrowing from both local and international capital markets.
Kenya’s debt has been rising at an annual rate of 24 per cent since 2013 to stand at over Ksh5 trillion ($50 billion) by December 2018.

That means by the end of last year, the Kenyan government had spent Ksh25 ($0.25) out of every Ksh100 ($1) collected in taxes to pay interest on debts and by June 2018, a massive Ksh34 ($0.34) of every Ksh100 ($1) collected in taxes went to service debt obligations.

Interest payment on loans is expected to rise 31 per cent to Ksh400 billion ($4 billion) in 2018/19 from Ksh305 billion ($3.05 billion) in the revised budget of 2017/18.

“Kenya’s debt changed from being productive to unproductive debt as it is not adding to the productive capacity of the economy and will therefore create a net burden as the debt is not self-liquidating pointing us towards a sharp increase in taxation,” said a fund manager with Amana Capital.

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In Tanzania, the government plans to roll over maturing loans and pay interest through domestic revenues in the 2019/2020 fiscal year.

Although Kenya and Tanzania rebased their economies to boost their debt-carrying capacity, it is argued that the economic fundamentals have not changed to warrant more debt.

In 2014, Kenya rebased and increased the size of its economy by 25 per cent, a move that also propelled the country into lower middle-income status.

In the same period, Nigeria rebased its economy and overtook South Africa to become the continent’s biggest economy.

In March this year, Tanzania rebased its economy with preliminary results showing that the gross domestic product expanded 6.3 per cent in 2018 over the previous base year.
Tanzania’s revenue as a proportion of GDP, however declined to 14.4 per cent in 2018 from 15.2 per cent in 2017 according to data from the World Bank.

Dar es Salaam has relied on non-concessional loans to finance development projects in the wake of continued decline in funding from traditional creditors.

Tanzania’s share of concessional debt has declined from about 79.1 per cent in 2012/13, to around 61.2 per cent in June 2018 as the government continues to borrow from non-concessional sources.

To boost revenue collection the government is seeking to widen the tax base and enhance voluntary tax compliance through public sensitisation.

The country’s debt service to revenue ratio stood at 49.6 per cent in the 2018/2019 fiscal year and is expected to decline to 38.1 per cent in the 2019/2020 fiscal year, largely due to the GDP rebasing and reclassification of the country from a medium policy performer to a strong policy performer, according to the Ministry of Finance.

The government also reckons that all of Tanzania’s current and future borrowing, particularly from commercial sources will go to projects with higher economic and social returns.

In Rwanda total revenue and grants had fallen short of target by Rwf0.2 billion ($218,331) at the end of June 2018.

The country’s debt service to revenue ratio in 2018 stood at 9.2 per cent and is expected to increase to 9.6 per cent in 2019 and 13.5 per cent in 2020 as the country shifts to non-concessional loans.

Although concessional loans still constitute the majority of public debt, Rwanda’s non-concessional loans have increased significantly in recent years.

This includes government guarantees for completion of the Kigali Convention Centre, as well as loans and leases contracted by Rwandair for the acquisition of new aircraft in anticipation of launching new service routes.

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Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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