Author: Muindi

The International Monetary Fund (IMF) has approved a Ksh150 billion (USD941.2 million) loan to Kenya on January 17th.  The funding is under the existing Extended Fund Facility and Extended Credit Facility arrangements. “The Executive Board of the IMF concluded today the 2023 Article IV consultation with Kenya together with the sixth reviews and augmentations of access of USD941 million under the extended arrangements under the EFF and the ECF, approved in April 2021 and extended by 10 months in July 2023 to April 2025, and the first review under the 20-month Resilience and Sustainability Facility (RSF) arrangement, approved in July…

Tanzania has reinstated the approval for Kenya Airways to operate flights between Nairobi and Dar es Salaam. Tuesday’s decision came after a reciprocal move on Monday when Tanzania banned Kenya Airways flights.  The ban was in response to Nairobi’s refusal to allow Air Tanzania, Tanzania’s national carrier, to operate cargo flights between the two countries. In a statement released on Tuesday, Tanzania confirmed that Nairobi had now granted the request for Air Tanzania to operate cargo flights. As a result of this development, the Tanzania Civil Aviation Authority withdrew its decision on 15 January 2024.  “This development demonstrates the spirit…

The Kenyan Cabinet approved the Treasury Single Account (TSA) for the national and county governments on Monday. Treasury Single Account is an accounting system that uses a single account or linked government bank accounts to improve access and transparency for different ministries. President William Ruto chaired the meeting and said that the TSA will simplify government banking, increase the visibility of government cash resources, and enhance transparency in government cash management. He also said that the practice of depositing government funds in commercial bank accounts and earning interest must end. “The new system will control expenditure and reduce fragmentation of…

Sycamore Capital, a digital-based investment platform, has become the 11th firm to exit the regulatory sandbox and receive approval from the Capital Market Authority (CMA) to operate as a collective investment scheme (CIS). CISs are funds that invest in assets like bonds, equities, or cash and are run by fund managers. “The Capital Markets Authority has announced the successful exit of Sycamore Capital Limited from the regulatory sandbox and approval to operate as a mobile-based collective investment scheme intermediary service platform provider through the Cashlet mobile application,” said the CMA. Sycamore Capital entered the CMA sandbox in July 2021 to…

Kenyan runner Agnes Ngetich smashed the women’s 10km world record at the 10K Valencia Ibercaja, a World Athletics Label road race, on Sunday, January 14, 2024. The 22-year-old finished the race in a stunning 28:46, becoming the first woman to run 10km in under 29 minutes.  Hoy estamos muy felices 🔥 WORLD RECORD! 👏🏼🏆 pic.twitter.com/rT5flIEkM6 — 10K Valencia Ibercaja (@10KValencia) January 14, 2024 She beat the previous record of 29:14, held by Ethiopia’s Yalemzerf Yehualaw since 2022, by 28 seconds. Ngetich also broke the women’s 5km world record in a mixed race, clocking 14:13 at the halfway point. This was…

The 2023 Africa Cup of Nations (AFCON), a biennial African association football tournament, kicked off on Saturday, January 13, 2024, in Abidjan, Ivory Coast. The hosts defeated Guinea-Bissau 2-0 in the opening match at the Alassane Ouattara Stadium, which will also host the final on Sunday, February 11, 2024. Group Line-Up Group A: Ivory Coast, Nigeria, Equatorial Guinea, Guinea-Bissau. Group B: Egypt, Ghana, Cape Verde, Mozambique. Group C: Senegal, Cameroon, Guinea, The Gambia. Group D: Algeria, Burkina Faso, Mauritania, Angola. Group E: Tunisia, Mali, South Africa, Namibia. Group F: Morocco, DR Congo, Zambia, Tanzania. Fixtures and schedule Group stage Saturday,…