Treasury Cabinet Secretary Njuguna Ndung’u told the National Assembly Finance and National Planning Committee that the country is in dire straits. Prof Ndung’u said Treasury is also facing a number of underlying pressures like the cost of living and high taxation. “The adjustment for exchange rate and interest rate structure for the United States has been devastating to us,” he added. To reduce the jitters, we will buy back some portion of the Eurobond,” Prof Ndung’u said. We have seen a Sh145 billion increase in the budget due to interest rate and the depreciating shilling,” he said.

Source: Daily Nation November 09, 2023 09:57 UTC