[Kibata Kihu, Standard]The purge of cash-strapped State-owned enterprises (SOEs) that is being driven by the International Monetary Fund has started in earnest, with thousands of workers expected to lose their jobs. Consequently, National Treasury Cabinet Secretary Ukur Yatani said the government will undertake a rigorous restructuring of the State corporations. These institutions will also be expected to get concessional loans from multilateral institutions to replace expensive commercial loans and defer debt repayment to the National Treasury. Kenya Broadcasting Corporation, East African Portland Cement Company, Postal Corporation of Kenya and Kenya Post Office Savings Bank were found to be insolvent. However, among the SOEs are cash cows such as Kenya Ports Authority, Kenya Pipeline, Kenya Airports Authority and Kenya Electricity Generating Company (KenGen), which regularly pay dividends and taxes.

Source: Standard Digital July 08, 2021 21:00 UTC