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Public debt hit Sh10.58 trillion in September, with the National Treasury revealing that both domestic and external liabilities have risen rapidly under the government.

The elevation of the public debt points to a sustained borrowing appetite by the Kenya Kwanza government and the impact of the weakening shilling against foreign currencies.

The debt levels have grown at a time when the National Treasury has acknowledged Kenya’s headroom for more public borrowing is narrowing in a move expected to pile pressure on the taxman to raise funds for servicing public debt. “As of September 31, 2023, Gross Public Debt increased by Sh310.0 billion to Sh10.58 trillion compared to Sh10.27 trillion at the end of June 2023,” said National Treasury Principle Secretary Chris Kiptoo in a presentation before the National Assembly’s Public Debt and Privatisation Committee. 

Dr Kiptoo said the Gross Public Debt comprises Sh5.66 trillion (53.5 per cent) external debt and Sh4.92 trillion (46.5 per cent) domestic debt. “The depreciation of the Kenya shilling has been the primary driver of nominal growth of external debt,” he said. The local currency hit an all-time low against the dollar yesterday, setting up the government for further debt servicing distress. It has weakened by nearly 20 per cent against the dollar since the start of the year. According to Central Bank of Kenya (CBK) data, the shilling exchanged at an average of 151.6794 against the dollar – a record low.

Kenya’s sovereign loan repayments have been rising faster than collections of tax revenues in recent months, National Treasury disclosures show, signalling the country could be headed for a fresh debt crisis.

The lagging revenues against the pending urgent debt obligations highlight mounting concerns about the strength of the economic recovery and the government’s ability to sustainably service upcoming debt repayments, including the $2 billion (Sh302 billion) Eurobond. 

On Thursday however, President William Ruto finally revealed a much-awaited plan to pay off the Eurobond.

“Our efforts to stabilise the situation have yielded such progress that next month, in December, we will be able to settle the first $300 million (Sh45 billion) instalment of the $2 billion Eurobond debt that falls due next year,” he said in his State of the Nation address in Parliament.

“I can now state with confidence that we will and shall pay the debt that has become a source of much concern to citizens, markets and partners.”

The Kenya Kwanza administration has been betting on the Kenya Revenue Authority (KRA) to ramp up collections to support debt servicing alongside the daily running of crucial programmes such as health and education or building new roads.

There have been concerns that rising debt servicing costs are squeezing funding for economic development, hindering the Kenya Kwanza administration from implementing its development programmes.

Treasury Cabinet Secretary Njuguna Ndung’u earlier said this is compounded by lower-than-expected revenues, which could impact the government’s ability to deliver on its ambitious bottom-up promises. By Brian Ngugi, The Standard

Professor Josephat Lotto and Professor John Latham CBE

Coventry University’s Africa Hub is continuing to forge positive new relationships with the signing of a new agreement with the Institute of Finance Management (IFM) in Tanzania. 

It is hoped the memorandum of understanding (MOU) will lead to research collaboration, new PhD programmes, innovation projects and potentially the development of joint bids for consultancy projects. 

The IFM is recognised as the leading higher education institution in Tanzania for finance and economics. Its main campus is in Dar es Salaam, with others located in Dodoma, Simiyu and Mwanza. 

Founded in 1972, IFM is the oldest higher education financial institution in Tanzania with more than 38,000 alumni and around 15,000 students currently enrolled in both undergraduate and postgraduate degree programmes. 

Professor Silas Lwakabamba, Regional Managing Director of Coventry University’s Africa Hub, said: “The aim of this MOU is to open up more opportunities for staff and

About Coventry University 

Coventry University is a global, modern university with a mission of creating better futures. We were founded by entrepreneurs and industrialists in 1843 as the Coventry School of Design and we continue to work with businesses to ensure we provide job-ready graduates with the skills and creative thinking to improve their communities. 

With a proud tradition of innovative teaching and learning, Coventry University is now one of the largest in the UK and has world-class campus facilities, the UK’s first standalone 5G network and a digital community of learning. Our students are part of a global network that has 50,000 learners studying Coventry University degrees in more than 40 different countries and partnerships with 150 higher education providers worldwide.  

Over two centuries, we have flourished in our home city and Coventry University Group now also delivers access to our range of high-quality services and partnerships through bases in London, Scarborough, Belgium, Poland, Egypt, Dubai, Singapore and Africa. From September 2023, we will be teaching students at a new campus in China in a joint institution with Communication University of China. 

We have greatly increased our research capacity and capability with a focus on impactful research, delivered for and with partners to address real-world challenges and support the sustainable growth of business and communities. The depth and breadth of our rapidly growing research portfolio was validated by the latest UK research assessment, which saw us jump 22 places in the research power rankings. 

We were awarded a Gold rating in the 2023 Teaching Excellence Framework, proving we deliver excellence in what students care most about – teaching, learning and achieving positive outcomes from their studies. In 2022, we were honoured with the Queen’s Award for Enterprise in the category of International Trade, the UK’s most prestigious business award.

In recent years, we have won many awards and vastly improved our rankings in the league tables that matter to students – but what matters to us is delivering transformational change for our students, partners and communities around the world as we continue to evolve into a global education group.

MOMBASA, Kenya, Nov 10 – Cult Leader Paul Mackenzie has been found guilty of being in possession of and distributing non-classified films.

In her ruling, Senior Principal Magistrate Olga Onalo further ruled that Mackenzie was guilty of operating a filming studio without a valid license.

Onalo stated that Mackenzie conducted films using the Times Television without the approval of the Kenya Film Classification Board.

He was also found guilty of being in possession and distributing Films which have not been classified contrary to Section 12 of the Films and Stage Plays Act Cap. 222.

The magistrate opined that Makenzie committed both offenses jointly with others not before court on 11 January 2019 and 11th April, 2019, at Good News International Church in Malindi Township, Malindi Sub-County, within Kilifi County.

In her ruling, Onalo stated that the prosecution through Senior Prosecution Counsel Joseph Mwangi Prosecution Counsel Kennedy Kirui proved the case against Mackenzie beyond any reasonable doubt.

The court ruled that the accused failed to dislodge himself from the evidence of the four prosecution witnesses and exhibits including videos of Mackenzie’s radical preaching.

The court ruled that Mackenzie admitted in that Times Television belong to his church, Good News International where detective recovered DVD films containing sermons on end time items in his office.

“Once again in the DVDs watched in court, the court found one titled “Ndoto Obama Coming Edited” and the broadcast started off with the title “watch end time messages everyday” he added too that he knows his end time messages are on you tube and that it is he who uploaded them,”

Hon. Onalo added: “He needed a license which he did not have to do so and that he needed to have the same taken for examination but he failed to do so. I thus find the defence tendered in lieu of the foregoing, not to have dislodged the prosecution case,”

However, the trial magistrate acquitted him of the offence of inciting children against attending school and further using the films to incite Christians against Hindus, Buddhists and Muslims on their religion.

The matter has been scheduled for mention on 1 December 2023 with the court granting prosecution leave to file submissions on sentencing.

The court also ordered that a pre-sentence report to file by the Probation and Aftercare services which report should capture the sentiments of the complainant which is the state. By Anita Wambui, Capital News

Uganda's Minister of Energy and Mineral Development Ruth Nankabirwa (L) and Tanzania's Deputy Prime Minister Doto Biteko (R) signing a bilateral deal on November 9, 2023. PHOTO | COURTESY

Tanzania and Uganda on Thursday signed a bilateral agreement to construct a natural gas pipeline that will boost energy security and economic growth in both countries.

The pipeline will transport natural gas from Tanzania's southern regions to Uganda, where it will be used to power factories and generate electricity. The project is also expected to create jobs and attract foreign investment.

The agreement was signed on behalf of Tanzania by Energy Minister Doto Biteko and Uganda by Minister of Energy and Mineral Development, Ruth Nankabirwa.

Read: Museveni arrives in Dar for signing of oil pipeline deal

Speaking at the signing ceremony, Biteko said the project will increase the demand for natural gas and boost gas extraction in Tanzania's Lindi and Mtwara regions. He also said that Kenya and Botswana have expressed interest in Tanzania's natural gas.

Biteko urged investors to come and invest in the natural gas sector, noting that gas processing has reached 250 million cubic feet per day, with 80 percent used for electricity generation and 20 percent for industrial, household, and transportation use.

Biteko said that the agreement is based on a Memorandum of Understanding (MoU) signed by the two countries in August 2018, and that the two countries will work together on a feasibility study to assess the project's design, gas demand, pipeline size, and other important factors.

Biteko also noted that Tanzania has discovered large quantities of natural gas, approximately 57.54 trillion cubic feet, and that the government is continuing to explore for new sources in areas such as Eyasi Wembere, Mnazi Bay North, Songosongo West, Lake Tanganyika and the deep sea.

Minister Nankabirwa of Uganda said that her country recognizes the importance of the project and is committed to its acceleration. She urged the joint implementation committee to expedite the procurement process for the lead consultant and the feasibility study.

Read: Uganda moves to edge out Kenya in new petroleum import proposal

Nankabirwa also noted that the two countries have a history of collaboration on energy projects, such as the 14-megawatt Kikagati hydropower project, the Masaka Mutukula to Mwanza power transmission project, and the East African Crude Oil Pipeline (Eacop) project.

The Tanzania-Uganda gas pipeline project is a significant milestone in East Africa's energy integration efforts. It will help to boost energy security and economic growth in both countries, and it will create jobs and attract foreign investment. By The Citizen

 
The African Export-Import Bank (Afreximbank) plans to set up a $1 billion (Sh151 billion) film fund to help Kenyan and African filmmakers tell their stories better.

The Fund will be launched next year, said Kanayo Awani, Executive Vice President, of Intra-African Trade Bank, at Cairo-headquartered Afreximbank.

Awani said that the fund will be responsible for managing film financing, collaborating with major studios for co-financing, and supporting Kenyan and other African filmmakers. 

It will also provide financial assistance to producers and directors working on film projects across the continent. This initiative will increase the funding available to the African creative sector from the bank, raising it from Sh73.4 billion to Sh151 billion. Additionally, Awani mentioned that the bank currently has a pipeline of over $600 million (Sh90 billion) allocated for film, music, visual arts, fashion, and sports.

“Sports and film financing have been the most prominent transactions at the Bank,” she said in a statement during the start of the seven-day CANEX Summit organized by Afreximbank held in Cairo, Egypt.

“The very first film we financed recently premiered at the Toronto Film Festival this year, and the Bank has several in the pipeline from Nigeria, South Africa, and Kenya, which should be on streaming platforms in 2024.”

Awani highlighted the challenges faced by the film industry in Africa, such as limited access to financing and copyright infringement due to weak copyright laws, enforcement mechanisms, and a lack of awareness.

Many Kenyan actors and filmmakers have made a name for themselves in Hollywood and other top film hubs.

They include Edi Gathegi who has starred in popular titles such as The Harder They Fall, The Twilight Saga, and X-Men: First Class, and Lupita Nyong'o, who is known for her role in Black Panther: Wakanda Forever.

Additionally, Kenyan film producer Wanuri Kahiu gained critical acclaim for her controversial film "Rafiki," which means friend in Kiswahili.

Yet the plight of Kenyan and other filmmakers in the continent can be particularly harsh deeming their potential.

The aspirations of even the most talented filmmakers are hindered by a dearth of funding for the arts, limited engagement from the public sector, fragmented markets, challenges in distribution, and the persistent menace of copyright infringement.

And yet, Africa’s potential as a creative powerhouse is huge.

According to statistics, the film and audio-visual industries in Africa contribute $5 billion to the continent's GDP and employ around five million people.

This sector has the potential to create over 20 million jobs and generate $20 billion in revenues annually.

According to Boris Kodjoe, a renowned Hollywood actor with Ghanaian roots, the ingenuity of Africans has significantly impacted numerous facets of contemporary society, encompassing music, fashion, art, design, social awareness, business, sports, film, and television.

However, the West's exploitation of black creativity has left enduring consequences.

Despite the admiration for black excellence, Africa continues to encounter branding obstacles due to external perceptions influenced by the traditional media's portrayal of poverty, famine, civil conflicts, and migration on the continent.

This programme offers various financing and non-financing tools and interventions to support trade and investment in Africa's creative industry. By Brian Ngugi, The Standard

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