Treasury Receives KSh66 Billion from State Corporations

Treasury has received a total of KSh66 billion from state coporations. This follows its directive to have state corporations remit excess funds to the institution so as to bridge the funds gap.

Speaking to Reuters, Acting CS Ukur Yatani said that they have raised KSh66 billion from the targeted KSh78 billion.

However, he clarified that ” These are just surplus funds. Their operational accounts and all other matters have not been touched.” The monies were from retained earnings and dividends.

Yatani noted that state companies have been delaying remittance of the dividends at the end of every financial year.

In addition, Yatani refuted claims by media that the move to take surplus cash would starve the banking sector of liquidity.

Related:

State Corporation to Remit Funds to Treasury

KPA Remits 18.7 Billion to Treasury in Special Dividends