Author: Jack Oduor

• Kenyan Professional Workers expect employers to take the lead in supporting their relocation 
• Nearly 70 per cent of Kenyan respondents cite financial and economic reasons to move abroad
• Australia, the US, Canada, the UK, and Germany round out the top five most desired destination countries globally

The number of Kenyan professional workers looking for opportunities to work in other countries is higher than the global average, a new global survey has shown.

Despite global challenges such as geopolitical tensions, widespread economic concerns, and emerging virtual mobility trends from the past several years, moving abroad for work remains a dream for many workers around the world, with 23 per cent of global and 60 per cent of local professionals actively seeking jobs in other countries.

This essentially means that, every 6 out of 10 professionals working in Kenya are actively seeking jobs abroad a higher number than the global average of …

• Kenya’s $2billion Eurobond was set to mature on June 24, 2024
• This is an increase of $1.31 billion (Sh168 billion) to reach US$8.32 billion (Sh1.07 trillion).
• Kenya had earlier indicated the outstanding amount would be retired through a mix of syndicated, multilateral & domestic financing.

Kenya has cleared the remaining $556.97 million (Sh71.5billion) of the $2billion (Sh257billion) Eurobond that was due by June 24, 2024.  Figures by the National Treasury’s Public Debt Management Office indicate that says the outstanding note was settled on Friday, June 21, three days ahead of the maturity date.

The repayment has seen Kenya’s National Reserves move above the four-month statutory requirement for the first time in five months.

“The usable foreign exchange reserves remained adequate at $8.32 billion equivalent to 4.3 months of import cover as of June 20. This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import

• Kenya’s bilateral loans data show that the Asian giant is still a major lender to Kenya mainly for the development of roads rails and port infrastructure.
• The country’s debt as of March 2024 comprised of $80.9 billion (Sh10.4trillion) comprising $40.5 billion (Sh5.2 trillion) domestic and same amount in external loans.
• In the past three months the strong shilling has come in handy in helping the state reduce its debt.

Kenya owes China $7.2 billion (Sh920.52 billion) in loans making it the leading lender by country rankings, even as President William Ruto looks west for more financing and trade cooperation.

Official data shows the Asian giant is still a major lender to Kenya mainly for the development of roads rails and port infrastructure.

It is the second biggest majorl lender after the World Bank, whose credit line to Kenya is currently at an estimated $14 billion (Sh1.8 trillion)

The country’s debt …

• Efficient public spending in Kenya has been elusive over the year with the East African country forced to borrow to meet its budget
• Further the firm is recommending more performance based incentives for industries by the government to enable grow the jobs offering.
• PwC adds that Proposed allocation of Sh4.5 billion for County Aggregation and Industrial Parks (CAIPs) will help to reduce post-harvest losses.

Experts are warning Kenyans to brace for a tough 2024-25 financial year as the government moves to ramp up revenue measures to finance the recently released budget.

A post budget analysis by Audit firm Deloitte has revealed that the new year will be a hard one for Kenyans and will require fiscal discipline to navigate.

Doris Gichuru, partner for tax and legal at Deloitte says that Given the Finance Bill 2024 there is going to be a challenge in private consumption from the various measures though …

• NGOs operating in Kenya that fail to seek registration shall cease to have Public Benefit Organization (PBO) status thirty (30) days after the expiration of the specific notice.
• Under the PBO Act, no organisation shall purport to be a PBO unless it is registered under the PBO Act or has been bestowed the status of a PBO.
• Previously, the Cabinet Secretary could, by notice in the Gazette, exempt certain NGOs from registration.

Non-Governmental Organisations operating in the country will now be required to register afresh in the next 12 months or cease operations, as the state moves to streamline the sector.

This is after the 11-year wait for the Public Benefit Organisations Act, 2013 to be operationalised finally ended and the state gave the go-ahead for its implementation.

The Public Benefit Organisation Act introduces comprehensive regulatory measures governing public benefit entities. It outlines an administrative and regulatory framework for PBOs’ …

• Flight Capacity in 2024 increased by 6 per cent increase in available seats, rising from 15.1 million in May 2023
• In Kenya, the Kenya Civil Aviation Authority (KCAA) is leading efforts to validate draft aviation regulations aimed at enhancing safety and efficiency
• ASK combines the capacity of an airline’s fleet with the distance those planes fly, providing a comprehensive measure of available passenger capacity over a given period.

African Airlines witnessed a 6 per cent increase in available seats, rising from 15.1 million in May 2023 to 15.9 million in May 2024, attributed to introducing new routes and increased flight frequencies.

This comes at a time when the aviation industry experienced a dynamic start to 2024, grappling with a multitude of challenges and opportunities.

African Airlines Association’s (AFRAA)’s latest data shows high demand for Available Seat Kilometers (ASK) across all regional flights.

“Despite ongoing post-pandemic hurdles, the airline sector sustained

• Kenya Signs $284.1 Million Financing Deal with Korea in what will come as a boost to its media industry
• This Facility will have linkages to digital hubs initiative that seeks to develop 1450 digital hubs
• The signing of the financing agreement comes at a time when Kenya is pursuing global partnerships with established media industry players.

Konza Digital Media City

Kenya has signed a Ksh38 billion ($284.1 million) financial agreement with Korea for the construction of a state-of-the-art Digital Media City at Konza Technopolis.

The Konza Digital Media City (DMC) project is designed to position Kenya as a creative and content industry leader in Africa by providing a state-of-the-art facility to promote the emerging creative sector.

This is expected to unlock the potential opportunities available. Last year, Kenya’s creative industry is estimated to have recorded over $2 billion in total sales and is projected to grow annually at 10.3 per …

• VFS Global Visa Processes saw a global substantial increase of 35 per cent
• The tourism sector saw a rebound in 2023, with global travel recovering from the COVID-19 pandemic.
• VFS Global extended its strategic investments through signature programs in Indonesia, Thailand, and South Africa

VFS Global, the world’s largest outsourcing and technology services specialist for governments and diplomatic missions, achieved new sustainability targets according to its fifth edition of the Integrated Sustainability Report 2023.

Among key achievements in 2023 include a 35 per cent increase in the number of visa applications processed worldwide and other markets globally, as well as an expanded service portfolio by securing seven global contracts, including the UK Visa and Immigration, the Department of Home Affairs in Australia.

In 2023, global travel bounced back from the COVID-19 pandemic, with the Middle East, EU region, and Africa emerging as the top performers, according to the UNWTO’s tourism …

• Small businesses struggle for credit as lenders channel 80 percent to Medium Sized Enterprises 
• High collateral requirements and unfavourable interest rates have been found to disadvantage MSMEs
• Only 16 percent of businesses are reaping from Kenya’s formal MSMEs financing market valued at $45.4 billion (Sh5.9 trillion).

Only 1.1 million micro, small, and medium enterprises in Kenya have access to formal credit out of the total 7.4 million MSMEs in the country.

This equals only 16 percent of businesses reaping from Kenya’s formal MSMEs financing market valued at $45.4 billion (Sh5.9 trillion).

According to a new finding by pan African market insights firm Stears, despite MSMEs accounting for over 98 percent of businesses and contributing a substantial 40 percent to GDP formal financing is still small.

“Despite their outsized economic impact, only 16 per cent of these vital enterprises currently access formal credit. With most MSMEs dependent on informal and

• Kenyan Shilling to Reach Sh138 this month as effects of global rates and heavy rains come alive
• Additionally, the minor decline in the foreign exchange reserves between April and May signals interventions in the forex market by the CBK.
• The CBK is expected to leave rates unchanged at 13 per cent at its June meeting to support these dollar inflows and provide positive yields to investors.

Financial experts are now predicting that the Kenyan shilling will depreciate to Sh138 against the US dollar by the end of June 2024.

The analysist from pan African market insights firm Stears, say that the Kenyan shilling witnessed large swings in May, after appreciating 2.09 per cent between May 2 and 16. This saw the local currency resume a consistent depreciation to close the month at Sh133.37 against the dollar.

Stears notes that although the currency remained relatively unchanged compared to April, on average, …