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East Africa’s Economic Powerhouse is Facing a Host of Financial Challenges

Kenya’s President William Ruto said on Thursday the government was poised to privatise 35 state companies and was looking at a further 100 firms after enacting a revised law last month to cut down on bureaucracy. The law makes it easier to sell state enterprises to private companies and aims to push up the private sector’s participation in the economy, the presidency said at the time of the signing. Kenya last privatised a state-owned company in 2008 when it issued an IPO for 25 percent of the shares in telecommunications firm Safaricom. A year later, the cabinet approved a list of 26 firms to privatise including the Kenya Pipeline Company, Kenya Electricity Generating Company, and banks, but no action has yet been taken since.