Kenyan Government Puts Together Sh141b to prevent economy shut down

The Government has put aside Sh141 billion to cushion the devastating effects of the coronavirus that impend to depress the economy and disrupt livelihoods.

I addition, the cabinet has come up with a strategy that allows the Central Bank of Kenya to release Sh7.4 billion of 1000 notes that were rendered worthless after the September 30, 2019, new notes exchange deadline.

The state also guaranteed to clear awaiting bills and value-added tax (VAT) refunds in the next 30 days. A move set sustain cash flow in the gradually dilapidating economy.

“Critically, we all recognize that the volume of business has gone down. We need to ensure that we have the cash flow to keep ourselves afloat as we go through these trying times,” President Uhuru Kenyatta said during a meeting at State House with Central Bank of Kenya Governor Patrick Njoroge and representatives of the private sector.

President Uhuru Kenyatta announced a further Sh1 billion allocation by the Government for the hiring of more health workers needed to increase capacity to deal with coronavirus and further directed the National Treasury Cabinet Secretary Ukur Yattani to ensure the money from CBK is used to support Kenyans overcome the health crisis.

Already the nation has started experiencing job-cuts and waning consumer and investor confidence.

Kenya has so far confirmed seven cases of Covid-19. Globally, the disease had claimed at least 10,447 lives of the 254,801 confirmed cases as of Friday, March 20, 2020.