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Assembly approves Sh10b for county fiscal strategy paper : The Standard

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Ward reps demand equity in allocation of Sh10b budget

The assembly has passed the county fiscal strategy paper for the financial year 2019/20, which has a proposed total budget of Sh10,292,259,303.

The strategy paper was passed yesterday amid calls for fairness and equity in the distribution of resources.
It is the most important budget formulation document that sets total budget size, sector ceilings and key development priorities.
Several MCAs said they would be keenly watching how the allocations would be made in the county’s 40 wards.

SEE ALSO :MPs want Budget cut to Sh2 trillion

There is mistrust on resource allocation and general management of public affairs in the county.
The mistrust has been seen to be directed at Governor Charity Ngilu by Wiper Party-allied ward reps.
 Stalled projects
“We want the government to finish the stalled projects. Many of them have stagnated across the county beginning with Kitui County Referral Hospital and Mwingi Level 4 Hospital,” said Kanziko Ward MCA James Munuve.
Wiper Party Majority leader Peter Kilonzo said for the county to benefit, the executive and legislative arms must work together.

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Deputy Speaker Kasee Musya said there was need for the county government to focus on empowering small-scale farmers by providing water in rural areas.
Budget and Appropriations Committee Chairman Boniface Kasina moved the crucial document in the budget-making process, and it was unanimously adopted by the House. Migwani MCA Philip Nguli seconded him.

budgetFiscal Strategy PaperWard Reps



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Yatani’s tight options as he delivers first budget next Thursday: The Standard

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National Assembly Speaker Justin Muturi told MPs that Mr Yatani has asked the House to be accommodated next week to deliver the budget.


National Treasury Cabinet Secretary Ukur Yatani (pictured) will present his first Budget to Parliament on Thursday next week amid the economic turmoil occasioned by the Covid-19 pandemic.
Yesterday, National Assembly Speaker Justin Muturi told MPs that Mr Yatani has asked the House to be accommodated next week to deliver the budget.
Yatani, who assumed the docket in July last year, will be on the spot on June 11 with the government facing challenges on how to raise revenue to finance its projects while shrouded in the coronavirus veil.

SEE ALSO: New excise duty proposals, virus spell doom for keg beer

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Mr Muturi revealed measures that will be observed on Thursday to ensure social distancing rules are observed.
He said only members of the Budget and Appropriations Committee, chairpersons of departmental committees and those chairing select committees will be accommodated in the chambers.
Other members have been asked to follow proceedings from designated areas.
“You are encouraged to be present during this important event,” said Muturi.
Eyes will be on how the government will seek to navigate through the adverse effects of the coronavirus that have greatly impacted the economy.

SEE ALSO: Farmers: The forgotten Covid-19 casualties

Majority Leader Aden Duale yesterday said the issue of the Budget was among those discussed during the Jubilee Party’s National Assembly Parliamentary Group meeting on Tuesday.
He said President Uhuru Kenyatta rallied MPs to support the government’s measures in combating the Covid-19 pandemic.
“The Chairman of the Budget and Appropriations Committee will today be tabling the estimates for MPs to go through before the Treasury Cabinet Secretary makes his pronouncements on Thursday,” Mr Duale said.

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SBM Kenya earnings drop 79pc: The Standard

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The earnings fell from the Sh310 million reported in 2019’s quarter one.

SBM Bank (Kenya) Ltd first quarter 2020 profits after tax shrunk by 79 per cent compared to a similar period last year to settle at Sh64 million.

The earnings fell from the Sh310 million reported in 2019’s quarter one.
In a statement to investors released yesterday, the lender attributed the drop in profits to an increase in loan loss provisions that went up by Sh280 million, against the backdrop of monitoring legacy loans acquired.
Net loans and advances increased 60 per cent from Sh13.04 billion to Sh20.87 billion in the period under review. Customer deposits rose 9 per cent from Sh51.3 billion to Sh55.7 billion.
The bank’s liquidity stood at 68.9 per cent evident from the Sh42.1 billion invested in government securities.
The bank, which entered the Kenyan market three years ago, saw assets rise 11 per cent from Sh70.2 billion to Sh78.1 billion as of the end of March.
SBM Chief Executive Moezz Mir anticipated growth even within the current environment.
“The bank has a strong capital and liquidity base to support the growth of business and our digital offering is strong and robust to support transactions that do not involve contact,’’ he said.
He added that the bank had proceeded to provide loan restructures and moratoriums from three months to twelve months, to allow its clients to effectively manage their cash flows during the covi-19 period.

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Firms delay release of results : The Standard

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CEO Kenyatta National Hospital (KNH) Evans Kamuria (left) receiving a key to the mobile clinic from Transcentury CEO Nganga Njiru at KNH grounds, the clinic will be used for Covid-19 Mass Testing in Nairobi. May 26, 2020. [Jonah Onyango, Standard]

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TransCentury, East African Cables and Crown Paints are the listed firms that have sought an extension from CMA to release results.

At least three publicly listed firms are yet to release their financial results, raising investors’ anxiety in a climate already worsened by the Covid-19 pandemic.

TransCentury, Crown Paints and East African Cables are some of the firms that have sought an extension from the Capital Markets Authority (CMA) to delay the release of their results.
Cash strapped TransCentury, East African Cables mother company, said a delay to complete the audit of its subsidiary has subsequently hindered it from releasing its results for the financial year ended December 2019 on time.
“This is due to the delay in completion of an audit in its subsidiary, East African Cables Plc, which consolidates into the Group’s audited financial statements,” Company Secretary Virginia Ndunge said in an announcement on behalf TransCentury’s board.

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“The company wishes to assure the public that the audited financial statements will be published not later than July 30.”
Struggling East African Cables attributed the delay to on-going discussions with lenders to end the remaining portion of the debt restructure transaction.
“The delay has been occasioned by ongoing discussions with the company lenders to complete the remaining portion of the debt restructure transaction. In addition, the social distancing measures and restricted working hours enforced by the government due to the covid-19 pandemic have significantly affected the audit timelines,” EA Cables said.
Liquidation petition
East African Cables recently reached a loan restructure agreement with SBM Bank Kenya over a Sh285 million loan with the lender withdrawing a liquidation petition.

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Another lender owed by East African Cables is Ecobank. This is the second time the two companies are announcing a delay of the release of audited financial statements.
Crown Paints blamed the delay on the difficulties posed by the Covid-19 pandemic especially the restrictions in movement that have been put by regional governments.
“The delay has been occasioned by difficult circumstances brought by the Covid-19 pandemic especially the various measures put in place by the Kenya government as well as the total lockdown (now relaxed) by the Uganda and Rwanda government,” the manufacturer announced yesterday.
Multiple companies have already published their quarter one results and announced invitations for Annual General Meetings (AGMs).
The AGMs will be done virtually owing to social distancing rules.

SEE ALSO: Regulator approves dividend payout

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