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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    Agribusiness Chamber demands resignation of Agric Minister over sector woes

    BoG Governor confident inflation has peaked; expects rate to start declining

    ActionAid Ghana Appoints John Nkaw as Country Director

    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

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Kenya to Raise $1.05 Billion Syndicated Loans to Fund Budget

bycitibusinessnews
January 12, 2017
in Africa, East Africa
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Kenya is raising at least $1.05 billion through syndicated loans, including $250 million already secured from lenders led by PTA Bank, as East Africa’s biggest economy seeks to plug a widening budget deficit.

PTA, an East African trade-finance bank based in Burundi, has already disbursed $100 million, while a further $150 million will be received “shortly,” Treasury Principal Secretary Kamau Thugge said in a mobile-phone text message Wednesday. “We are also syndicating $800 million to international banks,” he said.

Kenya’s government outlined plans in last year’s budget to raise $1.5 billion from external sources in the fiscal year through June. Thugge didn’t immediately comment on how the state will raise the remaining $495 million. The total amount to be borrowed “would be consistent with Parliamentary approval of external commercial borrowing of 154 billion shillings,” he said.

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The World Bank has estimated Kenya’s financing gap at 9.6 percent of gross domestic product in the 2016-17 financial year, from 7.2 percent in 2015-16.

The financing will also help the central bank shore up its foreign-currency reserves and may stabilize a depreciating currency, Jibran Qureishi, an economist for East Africa at Stanbic Holdings Ltd., said by phone from the capital, Nairobi.

Kenyan shilling weakened 0.1 percent to 103.9 against the dollar by 2:28 p.m in Nairobi. The currency has fallen 1.4 percent this year, according to data compiled by Bloomberg.

The remaining $495 million could still be raised from multilateral lenders and development finance institutions, Qureishi said.

–

Credit: Bloomberg

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