Published On: Mon, Nov 25th, 2019

Companies Struggle With Late Payments as Kenya Faces Cash Crisis

Source: Bloomberg and other agencies

 

President Uhuru Kenyatta’s remark that he did not understand why Kenyans are broke has stung his lieutenants into action.

High-ranking government officials spent the better part of the week figuring out how they can put money into people’s pockets, burning the midnight oil as they sought to end a cash crisis that has snuffed life out of several businesses and left scores jobless.The President’s wrath has travelled through the government circles, culminating in an ultimatum by acting Treasury CS Ukur Yatani to State corporations and county governments to pay suppliers close to Sh137 billion by December 1.Fifteen counties risk not receiving their conditional grants should they fail to pay suppliers while 53 State corporations will not get their allocations for the current financial year should they fail to settle their pending bills.

Read more here

https://www.standardmedia.co.ke/article/2001350622/uhuru-men-face-heat-to-resolve-cash-crisis-as-tea-party-ends

https://www.bloomberg.com/news/articles/2019-11-25/companies-struggle-with-late-payments-as-kenya-faces-cash-crisis

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