The stabilization measures for the economy are welcome75 per cent of Kenya's Micro, Small and Medium Enterprises (MSMEs) are likely to face closure by the end of June according to Central Bank of Kenya Governor Patrick Njoroge. In a virtual press briefing on Thursday, the Governor gave an update on the status of the economy and announced that something needs to be done to ensure the survival of Kenya's MSMEs. "Three-quarters of MSMEs, according to a survey, would be in a critical state by the end of June. Whatever policy action is put in place to help MSMEs needs to go beyond finance, into ‘finance plus’, including linkages to other markets," he stated. A 30 per cent decline in supply chain for key inputs in machinery and chemicals, decline in imports, less tourism activities in the country and a decline in government spending in different sectors.

Source: Standard Digital May 28, 2020 12:46 UTC