Thread by @MwangoCapital

𝐄𝐧𝐣𝐨𝐲 𝐭𝐡𝐢𝐬 𝐰𝐞𝐞𝐤'𝐬 𝐭𝐨𝐩 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐧𝐞𝐰𝐬 𝐢𝐧 𝐦𝐞𝐦𝐞𝐬 𝐚𝐬 𝐩𝐨𝐰𝐞𝐫𝐞𝐝 𝐛𝐲 @MwangoCapital:

1. The IMF is in Kenya on a two-week review of an ongoing, three-year, $2.4B loan program. After the review, $300B will be released to Kenya.

#MwangoMemes

2. Kenya also wants to borrow KES 321 B from the IMF but there is a catch: Kenyan lawyers will have to snitch on their clients who launder money.

The lawyers have refused. The country has until July to convince them to change their minds or miss out on this cash.

#MwangoMemes

3. KRA has received an allocation of only KES 23.7 B in the budget for the next financial year.

KRA has objected to this saying it needs around KES 57.4 B to meet the target of collecting KES 3.6 trillion in taxes.

#MwangoMemes

4. Another entity that has gotten a budget cut in the next financial year is Kenya Airways (KQ).

Treasury CS Dr. Kiptoo had this to say: "We have cut funding for KQ, which received a substantial bailout in the last and current budgets"

#MwangoMemes

5. The housing PS was on Spice FM this week trying to explain how the new housing fund is not a tax but a contribution.

#MwangoMemes

6. #Ad break

Here are the different ways to invest with @Coopbankenya.

Find out more here: co-opbank.co.ke/investing/

#MwangoMemes

7. Back to memes.

This week, Dr. (Eng.) Joseph Siror this week took charge at the helm of Kenya Power. He says he is on a mission to save Kenya Power from the darkness that has engulfed it for years.

#MwangoMemes

8. Traders have two months left to import 500,000 tonnes of maize tax-free. So far they have only brought in 48,000 tonnes:

#MwangoMemes

9. Treasury's outstanding overdrafts reached a record high of KES 78.53 B on May 5.

This usually indicates that there are huge cash flow challenges when taxes and borrowing did not flow into the government’s main account at a pace that matches expenditure needs.

#MwangoMemes

10. The Energy CS has blamed the lack of cheaper fuel supply in Kenya on insufficient storage capacity.

He added that once storage capacity is increased to enhance economies of scale and demurrage charges are reduced, Kenyans will enjoy lower fuel prices.

#MwangoMemes

11. The University of Nairobi seems to have given up on collecting student debts that have been piling up for 20 years totaling KES 1.1 B.

The vice chancellor has asked the university council to write off KES 876 M of this debt.
#MwangoMemes

12. The Kenyan bank's Q1 results so far show that Kenyan banks like Co-op Bank, Equity, and StanChart have cut their holdings of investment in government debt securities as they seek to lend more to customers:

#MwangoMemes

13. President William Ruto intends to allocate about KES 50 B for the construction of dams in the next 3 years. He will prioritize some dams that were already started while excluding others that faced corruption allegations.

#MwangoMemes

14. World Bank has cut off funding for DRC's projects worth over KES 137.3 B after the government pulled a disappearing act on the fund.

World Bank was not amused and sent a stern letter to DRC's finance minister. The suspension will hurt more than 600,000 people.

#MwangoMemes

15. Uganda's dairy sector has been affected as Kenya has refused to let them export powder milk.

Brookside, a major player in the sector, says their powder milk from Uganda is being blocked by the Kenya Dairy Board.

#MwangoMemes

16. Ghana's cedi has been gaining steadily after the approval of a $3 B bailout on Wednesday.

The first tranche of $604M hit Ghana's state coffers on May 19th this week.

#MwangoMemes

17. That's a wrap from the #MwangoMemes desk.

🤝 Thanks to our Chief Memes Officer @Wanjiku_Njuguna for compiling this.

👋 Have a lovely weekend & do enjoy more memes from our thread last week:

https://twitter.com/MwangoCapital/status/1657738975920963584?t=KvBlQxX7AFA0Kd3FkSszOw&s=19

#MwangoMemes