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EA Finance ministers juggle to fund recovery but debts mount
Wednesday May 19 2021
Ongoing construction of the Nairobi Expressway in Kenya. Regional economies are borrowing more to plug deficits but economists warn the misuse of borrowed cash through wastage and corruption risks pushing countries into debt overhang. PHOTO | FILE | NMG
Summary
Debt servicing obligations have become a nightmare for regional economies, which have seen significant portions of tax revenues used in paying interest on loans rather than fund government operations and development projects.
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East African finance ministers are walking a tightrope as they try to fix economies ruined by the prolonged effects of the Covid-19 pandemic and repair national balance sheets saddled with huge debts, shrinking revenue sources and increasing expenditure needs.
2021-05-19 14:31:12 GMT2021-05-19 22:31:12(Beijing Time) Xinhua English
NAIROBI, May 19 (Xinhua) Kenya plans to boost domestic sugar output in a bid to reduce reliance on imports, a government official said on Wednesday.
Lawrence Karanja, chief administrative secretary of the Ministry of Industrialization, Trade and Enterprise Development, told a virtual meeting that one of the challenges facing the country s sugar industry is the high cost of production as compared to regional and international producers. The uncompetitive price of locally-produced sugar makes Kenya an attractive destination for imports, Karanja said during the launch of the Sugar Sub-Sector Strategic Plan by the Kenya Association of Manufacturers, which seeks to guide the industry s growth, resilience and sustainability.
Sugar prices drop Sh20 as unsold factory stocks rise
Thursday May 20 2021
By GERALD ANDAE
Summary
Unsold stocks of sugar in factories have gone up more than five times the required limit, cutting consumer prices by Sh20 on a two-kilogramme packet.
Sugar directorate said there is an average of 12,000 tonnes of sugar daily that are held by millers, against 2,300 requirement.
Head of the Sugar Directorate, Rosemary Owino said the country is projected to record 660,000 tonnes of sugar this year against 603,788 that was realised in 2020.
Unsold stocks of sugar in factories have gone up more than five times the required limit, cutting consumer prices by Sh20 on a two-kilogramme packet.