National Treasury breaks silence on dollar shortage after Suluhu’s remark
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Treasury responds to reports of dollar shortage in the country after Samia Suluhu's remark of East African country facing a shortage of forex reserves
Treasury responds to reports of dollar shortage in the country after Samia Suluhu’s remark of East African country facing a shortage of forex reserves.
Chris Kiptoo, the principal secretary to the Treasury, denied rumors that Kenya was having a dollar shortage on Thursday, March 9.
The PS assured lawmakers that Kenya has sufficient reserves, thus allaying any concerns about depletion.
Additionally, he pointed out that the reserves would allow for imports of petroleum and other goods into the country for about four months.
According to the PS, the government would soon get Ksh128 billion (USD 1 billion) from the World Bank to enhance the reserves.
“The World Bank will be sitting down very soon to discuss the development value operations where we expect to get 1 billion dollars.
“I want to assure Kenyans that we are not sitting pretty and we are working very hard and all shall be well,” he stated.
Nonetheless, he acknowledged that many countries faced dollar shortages due to the conflict between Russia and Ukraine.
Yet, he insisted that they were collaborating with CBK to address the dollar flow between banks and private individuals.
President Suluhu of Tanzania asserted that the East African Community (EAC) countries were borrowing from them due to a lack of dollars.
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“We are at a better place compared to our neighbours. Their dollar reserves cannot last a week. Our reserves can push us for four months.
“They are here begging us for guarantees so they can buy fuel,” she stated.
Suluhu’s comments came days after concerns that Kenya would face another fuel crisis over the dollar shortage.
However, Petroleum Outlets Association of Kenya (POAK) chairman, Martin Chomba, clarified that there was enough fuel to serve the country in the coming weeks.
“There is sufficient fuel at the depots but the major oil companies are not evacuating it because they do not have sufficient dollars,” he stated.
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