Afternoon business highlights – November 10, 2017

Afternoon business highlights – November 10, 2017

Treasury downplays Moody’s downgrade of Kenya’s credit score

National Treasury Cabinet Secretary Henry Rotich has dismissed Moody’s possible downgrade of the country’s credit scores over rising debt. The global rating agency last month said it was looking at cutting Kenya’s credit rating from B1 due to persistent deficits as high borrowing costs continue to push its indebtedness higher, among other factors. Rotich has since noted that Kenya only has contact with Standard & Poor’s (S&P) and Fitch to periodically gather data from Treasury.

Offloading of subsidized maize delayed at Kenya’s port

Offloading of subsidised maize at the Mombasa port has been delayed. Millers say they are not getting enough of the subsidised maize in what has reduced supply of the flour in the market.Agriculture secretary Willy Bett said 1.4 million bags of maize are at the port waiting to be discharged, creating a shortage for the millers.The delay at the Mombasa port signals a shortfall and rationing of the subsidised staple food.

Kenya to lift ban on workers seeking employment in Qatar and Saudi Arabia

The government is set to lift the ban that suspended the export of Kenyan domestic workers to Saudi Arabia and Qatar within the next two weeks. Ministry of Labour Cabinet Secretary Phylis Kandie said the government has since adopted new rules and measures that will aid in curbing the mistreatment of Kenyan workers in the Gulf countries.

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