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Friday, January 19, 2024 -Government of Kenya will exit the government-to-government oil deal with select Saudi Arabia companies in December this year after admitting that the agreement was creating distortions in the foreign exchange market.
In the documents signalling the end of the deal, which was touted as one of Ruto’s fiscal policies, were captured in the latest report by the International Monetary Fund (IMF) on Kenya’s plan to revive the economy.
Treasury was said to have argued that the controversial G2G deal had flopped as it failed to stabilise the exchange rate in favour of the Kenyan currency.
The G2G deal, introduced in April 2023, was brokered by Kenya’s Ministry of Energy and Saudi Aramco, Abu Dhabi National Oil Corporation Global Trading (ADNOC) and Emirate’s National Oil Company (NOC).
More to Follow…..
![Kenyan Lady Breastfeeding Dogs in Saudi Arabia[Video]](https://sp-ao.shortpixel.ai/client/to_webp,q_lossy,ret_img,w_120,h_86/https://www.kenyawide.com/wp-content/uploads/2022/10/DOG.jpg)
![Angry Sudi Accuses Murkomen of Sabotage Amid Wrangles in UDA[Video]](https://sp-ao.shortpixel.ai/client/to_webp,q_lossy,ret_img,w_350,h_250/https://www.kenyawide.com/wp-content/uploads/2021/10/SUDIMURKO.jpg)