Julians Amboko
@AmbokoJH
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Host #BusinessRedefined & #CFOChat on @ntvkenya
Nairobi, Kenya
Joined March 2013
Delighted & humbled to have this paper published by the Journal of Economics & Sustainable Development. Ocharo & I looked at commodity prices & external capital flows, a Kenyan perspective.
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The Parliamentary Budget Office has gone hammer & tongs on the Commission for Revenue Allocation over the introduction of the Stabilisation Factor in the Fourth Basis for Revenue Sharing among counties. The Parliamentary Budget Office argues that the Stabilisation Factor "lacks a scientific basis". It goes ahead to say "using baseless factors in determining revenue allocation amount counties would be detrimental". I too struggled with this Stabilisation Factor but maybe the issue here is whether Article 217 of the Constitution has proven inadequate as a safeguard for continuity of programmes when transitioning from one basis of revenue sharing to another.
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The 2024 Survey of Retirees by the Retirement Benefits Authority (RBA) has some illuminating findings: · The most common utilisation of lumpsum payment by retirees is construction/purchase of a house to line in. This is followed closely by payment of children's school fees · 75.1% of retirees report receiving monthly pension that is below Kes 30,000. Only 1.9% receive monthly pension that is above Kes 100,000 · School fees & loan repayments top retirees' monthly expenses. The average school fees paid per month by retirees is Kes 28,494. The average monthly loan repayment by retirees stands at Kes 22,719 · Retirees are reporting a growing number of their children aged 18 years & above as still being dependant on them · Where retirees report grandchildren as their dependants, the highest concentration is on those aged between 6 & 11 years
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The International Monetary Fund (IMF) MD, Kristalina Georgieva, is next door, in Ethiopia. The Fund's Deputy MD, Nigel Clarke, was in Kenya in Dec '24.
Delighted to be in Ethiopia for my first visit as IMF Managing Director! Thank you to @MoF_Ethiopia Minister Shide and @NBEthiopia Governor @mihretum for the warm welcome. Excited to discuss boosting investments, jobs, and growth with our partners.
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RT @SAl_Winner: @AmbokoJH Crucial updates! The Draft Government Owned Enterprises Bill 2024 referencing Kenya Pipeline Co. signals transfor…
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A lot of attention on this statement has been on the potential listing of Kenya Pipeline Co. My highlights is the fact that the Draft Government Owned Enterprises (GOE) Bill 2024 had been passed by the Cabinet and was being reviewed by the Attorney General. The Bill (& specifically provisions around Public Service Obligation services) promises huge implications for entities like Kenya Power & Kengen. See quoted 🧵for break down of the Bill from last year.
I know we are all deep in the Finance Bill 2024 & submission of comments but National Treasury has just made public another very critical bill - the Draft Government Owned Enterprises Bill 2024. We have until June 14th, 2024 to submit comments on the draft Bill which touches on a number of key issues. A 🧵
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@amulele_anne I really don't see what the issue is. My thoughts below
On T-Bills & Bonds & who acts as the fiscal agent, is it really as acrimonious as it's made to look? I see one possible tailwind here. The argument by Treasury that it has no control over the price at which debt is snapped up (literally passing the blame to CBK) ends here. With PDMO tasked as the fiscal agent, the borrowing calendar & price at which the debt is taken rests fully within the purview of one player - Treasury. Nigeria has a similar arrangement where the Debt Management Office handles this bit.
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The Environment & Land Court judgement on Petition E030/2024 regarding unplanned developments in Kileleshwa is a big one! Key point - development approvals from Nairobi City County violated zoning provisions with developers being granted approvals in violation of the City's 2021 Development Control Policy as far as the number of floors are concerned. Permits granted to Mawa Development Company Ltd & Medina Palm Development Ltd are varied limiting the number of floors to 16.
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@KiproMw I did a whole 🧵explainer on cargo consolidation last year. See below...
KRA has shifted to start charging consolidated cargo per transaction rather than Kes 200 per kilogramme which has been the case. This is effective March 1st, 2023 we are told. What's the basis & why now? Here are 7 points that come to mind on this issue🧵
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The Kenya Revenue Authority is inviting comments on two draft regulations: · The Draft Tax Procedures (Unassembled Motor Vehicles & Trailers) Regulations, 2024 · The Draft Tax Procedures (Unassembled Motorcycles)(Amendment) Regulations, 2024 What are we seeing here? · The scope of the regulations has been widened from just Motor Vehicles & Trailers & now includes three-wheelers · The import here is that three-wheelers (defined as vehicles powered by internal combustion engine or electric battery motor with front single wheel and the rear axle) are being roped into eligibility for preferential treatment as far as duty goes · There's also effort to bring e-mobility into the purview of the regulations · The main point for me is that there's an effort to clean up the ambiguity that has surrounded what exactly qualifies for a Completely Knocked Down unit · The import here is that locally manufactured parts as prescribed under Parts I & II of the 3rd Schedule are designed to streamline what's eligible for consideration as a Completely Knocked Down unit · It goes back to the conversation around sealing revenue leakage · One important thing to flag around motor cycles is on Reg.13. Currently, we only have the provision that "a completely knocked down kit shall be imported with the engine and chassis frame unattached to other parts". · The new regulations propose to add that "parts or sub-assembles for an approved manufacturer may be imported duty free as separate parts in their respective tariff numbers, warehoused and removed from the bonded warehouse for use in the assembly of motorcycles". A concession seems to have been made here for some manufacturers' access to duty free importation
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RT @BorisEmanuel: Tonight,I want to say thank you to some Individuals today.For keeping us updated and letting us know what we could not ha…
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T-Bill Auction 06/2025: 1. 91-Day: 9.12% (9.52% last week) 2. 182-Day: 9.52% (10.03% last week) 3. 364-Day: 10.76% (11.31% last week) 4. Total bids received: Kes 71.18 billion 5. Bids accepted: Kes 59.74 billion 6. Relatively heavy redemptions this week Musings: 1. Yields have compressed faster than we have seen lately 2. With the twin IFB in the market & the CBK running a buyback concurrently, is the statement here that the Exchequer is not desperate for cash anyway & demands better pricing? 2. At the MPC briefing today, the Governor said that it's his/CBK's view that yields are still relatively high & need to moderate further
T-Bill Auction 05/2025 What exactly happened with the 91-Day paper in this week's auction? · 91-Day: 9.52% (Bids received at Kes 2.47 billion against the targeted Kes 4.0 billion, yield flat compared to last week) · 182-Day: 10.02% (Bids received at Kes 2.86 billion against the targeted Kes 10.0 billion, yield flat compared to last week) · 364-Day: 11.31% (up from 11.29% last week, bids received at Kes 8.13 billion against the targeted Kes 10.0 billion) I suspect it's a case of the twin IFB reopening stealing the thunder.
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NCBA Group has published its debut Sustainable Development Impact Disclosure Report following guidance from the Impact Disclosure Taskforce published in Oct 2024. Report developed with the support of J.P. Morgan & Blaylock Van. NCBA Group eyes mobilising Kes 30.0 billion to support green & sustainable financing.
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Finally: · The GDP growth projection for 2024 has been downgraded to 4.6% from 5.1% · Lethargy in the industrial sector, construction as well as suppressed credit to the private sector cited as key factors Ends!
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