November 20, 2019 / 12:18 PM / a month ago

Kenya raises 66 bln shillings from state corporations for budget

NAIROBI, Nov 20 (Reuters) - Kenya’s Treasury has raised 66 billion shillings ($650.89 million) out of a target of 78 billion in dividends and retained earnings from state corporations, the acting finance minister said on Wednesday.

Ukur Yatani said state companies had not been remitting their dividends at the end of every financial year as required by law, denying domestic reports that the move to take the cash would starve the banking sector of liquidity.

“These are just surplus funds. Their operational accounts and all other matters have not been touched,” he told Reuters, adding that the extra cash would be spent on development projects. ($1 = 101.4000 Kenyan shillings) (Reporting by Duncan Miriri; Editing by Jon Boyle)

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