Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


IMF’s thumbs-up to Treasury’s efforts in stabilising economy

06 November 2015, 10:53 PSCU

Nairobi - The International Monetary Fund (IMF) has welcomed austerity measures by the National Treasury aimed at restoring stability in the country’s finances.

IMF Kenya representative Armando Morales, who had two weeks ago warned that the Government would prioritise critical spending and cut non-essential expenditure, said the austerity measures announced recently would steer the country back to stability if properly enforced.

“They (measures that have been announced) are exactly what will improve the country’s fiscal position to a point of sustainability and that is good news,” Mr Morales said in Nairobi.

On October 19, National Treasury Cabinet Secretary Mr Henry Rotich announced that Treasury would cut back on non-crucial budget allocations in key state departments, freeze non-essential spending and also push the tax man to enhance tax collection. “We are reviewing the budget to ensure that all expenditures are first productive. We will obviously do that so that we can achieve less borrowing in the market,” Mr Rotich said while announcing the measures.

Read Also: Kenyan Shilling weakens yet again, seen as vulnerable

Mr Morales now says austerity measures will put the economy on the right path to recovery. The Kenyan economy is expected to grow at 5.5 per cent in 2015, an improvement over the 2014 growth rate of 5.3 per cent. In 2016 it is projected to be 5.7 per cent.

As part of resource mobilization, Mr Rotich said the Kenya Revenue Authority, (KRA) has been tasked to come up with additional measures to improve the collection of Value Added Tax, income and customs taxes, all of which declined significantly at the start of the financial year 2015/2016.

While appearing before Parliament on Friday, KRA Commissioner General Mr John Njiraini confirmed that the tax agency missed its first quarter target by as much as Ksh28 billion, fuelling the cash crisis in Government.

On Friday both Mr Rotich and the KRA boss outlined several measures they said would enhance revenue collection. They include tackling tax evasion and corruption by KRA staffers through the installation of a web-based comprehensive intelligence gathering platform which Mr Njiraini said goes beyond the normal installation of corruption reporting hotlines which have existed for over 10 years.

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!

- News24


Read more from our Users

Submitted by
Shakila Alivitsa
Types of men that are a waste of ...

Most women end up heartbroken because they were trying to convince the wrong man to be in a relationship/ marriage. Read more...

Submitted by
Shakila Alivitsa
Cheating is hardwork!

Cheating, although enjoyable by the person doing it initially, it gets to a point they start realizing that it was never even worth it. Read more...

Submitted by
Shakila Alivitsa
Dating that one person that socie...

Works at a massage parlour. Works at Millionaires Club (that one on Baricho road) - you know the ones I am talking about. Read more...

Submitted by
Shakila Alivitsa
Submitted by
Shakila Alivitsa
What do men mean when they say th...

As much as men think they are the ones confused by relationships, they have a better idea of it than most women actually do. Read more...

Submitted by
Wilson Ochieng
ODM rebels sweat in Kisii as Oran...

ODM rebels are sweating in Kisii after the Orange Party won by elections despite concerted efforts by the ruling Jubilee Party to win the elections. Read more...