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THE STANDARD FINANCIAL STANDARD Treasury Cabinet Secretary Ukur Yatani. [File, Standard] Kenya’s deal with the International Monetary Fund (IMF) will see about 20 State corporations put on the chopping board, with tens of thousands of civil servants at risk of being rendered jobless. This is after the Washington-based institution commissioned the National Treasury to take a health check of the State-owned enterprises (SOEs) with the largest fiscal risks as part of the plan to restructure inefficient parastatals. “By end-May 2021, National Treasury will prepare an in-depth forward-looking financial evaluation of the top 15-20 SOEs representing the largest fiscal risks as well as a strategy for addressing financial pressures in the SOE sector,” said the IMF in a detailed report on the Sh253 billion loan facility for Kenya that its executive board approved on Friday. ....
THE STANDARD By Dominic Omondi | January 24th 2021 at 00:00:00 GMT +0300 Times tower building in Nairobi which hosts Kenya Revenue Offices (KRA). [Wilberforce Okwiri, Standard] President Uhuru Kenyatta’s grand dream of boosting the manufacturing sector to create millions of jobs for unemployed youth seems to be in shambles. And now his administration wants out of the plan to support local manufacturing firms with a mixture of tax incentives, low tariffs and bailouts because they have become dead weight. Several studies have shown that these companies have not increased investments, exports or jobs despite enjoying the tax breaks. Already, the National Treasury has rolled back several tax holidays enjoyed by some of the firms, including those in the Export Processing Zones (EPZ) after it became apparent that taxpayers were getting a raw deal. ....