News
Two Million Kenyans Sinks Into Poverty
BBC: Two million Kenyans fell below the poverty line between March and June this year, according to a World Bank report.
The rate of unemployment in East Africa’s largest economy increased from 5% cent to 21% within the period.
This increased the number of people living below $1.90 (Ksh210) per day by 4% to two million.
Factory workers and those working in tourism and agriculture were especially affected.
Kenya’s tax revenues have reduced but their debt servicing requirements have increased.
Kenya’s debt stands at 65.6% of the gross domestic product and the national treasury is in the process of seeking another $2.3bn (Ksh252.9 billion) from the International Monetary Fund to help fund the response to the coronavirus pandemic.
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