Posted 3/27/2024, 2:30:07 AM
Government to Streamline State Corporations, Targeting 140 Entities; Thousands of Jobs at Risk
- Government plans to merge or close down at least 140 parastatals performing similar functions or losing money
- Thousands of jobs could be lost, starting with CEOs, board members and excess staff
- 26 state corporations have made losses over the past 5 years and are set to be scrutinized
- Commercial enterprises will now have to remit 80% of profits to Treasury, up from previous levels
- Move aims to cut wastage, reduce budget deficits and government debt that has ballooned to Sh11.3 trillion