Afternoon business highlights – February 12, 2018

Afternoon business highlights – February 12, 2018

Kenafric makes foray into Ethiopian market

Kenafric Industries has become one of the first Kenyan companies to break into the Ethiopian market with a Ksh500 million (USD$5 million) investment in a biscuit and sweets production plant. The food and beverage company said the production facility, which is located about two hours from the capital Addis Ababa, is part of a larger plan to diversify and expand its operations in East Africa.

IMF officials  to meet Treasury reps for review of Ksh150 billion standby credit facility

International Monetary Fund (IMF) officials are set to meet Treasury representatives for a review of the future of a three-year USD$1.5 billion (Ksh151.5 billion) standby credit facility, which expires in March. “We believe that the fiscal deficit is too high and, therefore, also debt accumulation has been too fast and don’t think that targeted deficit of about eight and nine per cent is sustainable,” IMF resident representative Jan Mikkelsen explained. “We are happy that the government in the Budget Policy Statement (BPS) does indeed target a lower deficit in the coming years. And now we just need to discuss the specific measures to get this,” Mikkelsen added.

Local manufacturers call for ban on imported goods that can be made locally

Kenyan manufacturers are pushing for amendment of the law to ban or impose high taxes on goods that can be made locally. The manufacturers  said this would help protect local industries. Among the stakeholders, who met over the weekend, Broadways MD Bimal Shah said companies were threatened by the influx of cheap imports. The manufacturers also complained about the high cost of power, which they said was pushing them out of business.

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