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Sh1.6trn DEBT REPAYMENT PAIN IN in PRESIDENT RUTO'S FIRST TERM

President William Ruto faces a heavy external public debt burden during his first term, with his government expected to spend nearly Sh1.6 trillion servicing the debts. Projections from the National Treasury show that over the five years – July 2022 to June 2027 – the government will spend a total of Sh1.59 trillion servicing loans borrowed from external creditors, which hit Sh4.36 trillion in October 2022.

Treasury’s 2021/22 annual public debt management report projects that the government will spend Sh241 billion servicing external debts in 2022/23, up from Sh184.5 billion that was used to pay the bilateral, multilateral and commercial lenders in 2021/22. Between the two financial years, the external public debt servicing costs increased by 43.9 per cent. Continue reading





Nakumatt investors lose battle against Mayfair Insurance
An international tribunal has dashed the hopes of investors who were seeking to recoup their investment from Mayfair Insurance Company Limited after the Nakumatt Supermarket collapse. At the heart of the battle lodged before the London Court of International Arbitration was whether the insurer ought to have paid Sh508 million, which was at least 80 per cent investment, it had allegedly guaranteed the investors. In a verdict that is a win for Mayfair, the arbitrators; lawyers Njoroge Regeru, John Ohaga and former judge Aaron Ringera agreed that the investors could not be insured as they did not produce evidence that they honoured their part of the bargain by paying the premiums and the commitment fees.
“Having found that there was no evidence of payment of any premium, and there being no evidence of the payment of the contractual commitment fees, the tribunal finds and holds that the insurance contract between the parties was not in force when the claimants submitted their claim. “The tribunal having found that the claim must fail because there was no valid contract of insurance in force at the time of the alleged loss by the claimants, it follows that the claimants are not entitled to the reliefs sought,” the arbitrators led by Regeru said.
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