Posted 1/19/2024, 5:01:00 PM
Treasury CS: G-to-G Oil Deal Easing Forex Pressures, Ensuring Steady Fuel Supply
- Treasury CS denies report that government-to-government (G-to-G) oil import deal has failed, says it helped ease forex pressures
- G-to-G deal provided 180-day extended credit period for oil imports, freeing up 30% of Kenya's forex for other sectors
- CS rejects claims of framework failure, says IMF report refers to anticipated rollover risk in private sector oil financing
- Since G-to-G started, Kenya has enjoyed consistent petroleum supply with no stock outs, says operational framework is clear
- Experts say without G-to-G deal, shilling could be around 200 to the dollar now due to high monthly oil import demands in dollars