At least 75 of small and medium businesses risks closure by end of June due to lack of funds as coronavirus bites, Central Bank of Kenya (CBK) has said. The President said this would provide affordable credit to SMEs but failed to elaborate on how the seed capital will be distributed. On Thursday, CBK governor hinted that Treasury was working on a formula and other details to be announced soon. Uhuru also said SMEs will benefit from Sh10 billion set aside to fast-track payment of outstanding Value Added Tax (VAT) refunds and other pending payments. ‘’As a result, real GDP growth in 2020 could slow to about 2.3 per cent from 5.4 per cent in 2019.

Source: The Star May 29, 2020 00:56 UTC