See below a summary of the top stories for Friday, July 2.
China Debt Freeze
China has refused to disburse more loan money to Kenya for Chinese loan funded projects. This is because Kenya has requested for the extension of a debt holiday that was given to us in January. The government wanted that holiday to be extended to December, but Chinese banks have declined the request. According to business daily contractors, debt repayment takes out a chunk of money from the country’s budget every year and in the last year our economy hasn’t done so well and the treasury wanted more time to get their act together.
The contractors who are working on Chinese debt-funded projects claim that the banks in China are not processing their invoices which is set to stall the projects.
Our debt to China currently stands at about Ksh780 billion.
New Airtime Charges Approved
President Uhuru has approved a bill seeking to increase the rate of excise duty on telephone and internet data services from 15 per cent to 20 per cent.
The rise in data costs will force telcos to raise the cost of their services and as of Friday, July 2, Airtel has reacted to this law by increasing their call costs.
This new law will also increase the price of cooking gas and the cost of loans.
Issues in ANC
Party leaders of the ANC coalition are not in sync with each other as Gideon Moi(KANU)supported the idea to unite with Raila and Uhuru while the rest of the trio was hesitant at working with the ODM leader again who was part of their broken National Super Alliance (NASA) coalition.
Mudavadi, Musyoka and Wetangula rallied the team to orchestrate a plot that would see them work with Uhuru but isolate Raila simultaneously. One Kenya Alliance is also divided on how to draft a legal and binding agreement because some of its principals are undecided on formally joining the coalition
Raid by Auctioneers
Union of teachers offices on Mfagano street in Nairobi were raided by auctioneers who took away office equipment and furniture. The auctioneers were sent KNUT officials from other parts of the country who have not been paid for two years and have been seeking help from the courts to recover their money. The union’s deputy secretary-general Hesbon Otieno confirmed that KNUT indeed owes 1.4 million to various entities and he was not aware of any outstanding debts before assuming office.
Breaking records
A new Kenyan by the name Alikan Kazia is in the Guinness World Book of Records, he holds the world record for “Most Ping Pong Balls Bounced into A Cup in Under 60 seconds”.
He is the former brother to the former KTN news anchor Maalika Kazia.
Source: KENYAGIST.COM
