Business & Economy
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Sh1.3trn of Kenya's Sh4.8trn Budget Goes to Debt Repayment
Kenya's Sh4.8 trillion budget for fiscal year 2026/27 faces significant strain, with Sh1.3 trillion allocated to debt repayment, impacting development spending. An audit by Auditor-General Nancy Gathungu revealed that the National Treasury illegally diverted Sh30 billion in Eurobond proceeds to cover domestic debt shortfalls, violating the bond's subscription agreement. The proposed Finance Bill 2026 is set to end tax relief for Kenya Airways and significantly expand the digital tax net. Separately, the Kenyan government proposed a new 5 percent tax on imported second-hand clothing, known as mitumba, under the draft Finance Bill 2026.
Social Media Overtakes TV, Radio as Top News Source in Kenya
Social media has surpassed television and radio as the primary source of news for Kenyans, according to a new report. Kenya's businesses continue to suffer significant economic disruption and financial losses due to recurring electoral violence, impacting investor confidence, supply chains, and livelihoods. Despite Kenya's leadership in financial technology, financial inclusion remains a false promise without adequate insurance coverage, with individuals with mobile money accounts and credit access able to lose everything to unforeseen events with no safety net.
Centum, KCB Launch 8.9pc Fixed-Rate Mortgage Deal
Centum Real Estate has partnered with KCB Bank to introduce a fixed-rate mortgage deal at 8.9 percent, aimed at making homeownership more accessible in Kenya. TotalEnergies Marketing Kenya reported a significant increase in its net profit for the year ended December 2025, reaching Sh2.17 billion, achieved despite a contraction in the company's top-line revenue. Samburu County is set to host the 37th edition of the Rhino Charge, a renowned off-road conservation fundraising event, from May 29 to 31.
Trump Launches Project Freedom to Guide Ships Through Strait of Hormuz
United States President Donald Trump announced Project Freedom, a mission to free merchant ships stranded by Iran's closure of the Strait of Hormuz. The operation is set to begin on Monday. The number of jobseekers in Israel dramatically increased by over 2.5 times, reaching approximately 396,000 by the end of March, shortly after the conflict with Iran erupted. Health Cabinet Secretary Aden Duale threw his support behind plans to reopen the Kenya-Somalia border, citing potential economic benefits and improved trade relations.
