(Ecofin Agency) – Remittances from the Kenyan diaspora increased by 5.8% in the third quarter of 2024 compared to the same quarter of 2023.
Remittances from the Kenyan diaspora reached KSh164.9 billion ($1.27 billion) during the third quarter of 2024, marking an increase of 5.8% compared to the same period in 2023. This is what does the rapport on the balance of payments published on Tuesday, January 7, 2025 by the Kenya National Bureau of Statistics (KNBS). These financial transfers are also higher than the KSh157.4 billion recorded in the second quarter of 2024.
According to the report, these remittances contributed to a surplus of KSh258 billion in the country’s secondary income account. They are an essential resource for Kenya, which is facing financial challenges.
As a reminder, President William Ruto was forced to withdraw, in June 2024, a controversial Finance Bill providing for new taxes, following strong popular opposition. The government considered these tax measures necessary to reduce pressure on public finances and finance the 2024-2025 budget.
Faced with these challenges, the government announced in September 2024 the RELAUNCH of a bond issuance program intended for the diaspora, suspended last February. This initiative aims to mobilize funds to finance infrastructure projects.
Kenya benefits from the support of a diaspora of more than 3 million people, mainly established in the United Kingdom, the United States and the Gulf countries. In 2023, remittances from this community reached a record high of KSh671 billion, up 4% from 2022.
Charlene N’dimon
Edited by MF Vahid Codjia
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