Treasury Principal Secretary, Chris Kiptoo, on Thursday, March 9, refuted claims that Kenya was facing a dollar shortage barely hours after Tanzania's President Samia Suluhu claimed that some countries' reserves were stretched.
While appearing before parliamentarians, the PS maintained that Kenya had enough reserves, further allaying any fears of depletion.
He also noted that the reserves would last nearly four months, enabling imports to the country, including fuel.
The government would soon receive Ksh128 billion (USD 1 Billion) from the World Bank in the coming weeks to bolster the reserves, according to the PS.
"The World Bank will be sitting down very soon to discuss the development value operations where we expect to get 1 billion dollars.
"I want to assure Kenyans that we are not sitting pretty and we are working very hard and all shall be well," he stated.
Nonetheless, he acknowledged that many countries faced dollar shortages due to the conflict between Russia and Ukraine.
On the other hand, he maintained that they were working with CBK to address the dollar circulation between the banks and private citizens.
Given the dollar shortage, Tanzania's President Suluhu claimed that countries in the East African Community (EAC) were borrowing from them.
“We are at a better place compared to our neighbours. Their dollar reserves cannot last a week. Our reserves can push us for four months.
"They are here begging us for guarantees so they can buy fuel," she stated.
Suluhu's comments came days after concerns that Kenya would face another fuel crisis over the dollar shortage.
However, Petroleum Outlets Association of Kenya (POAK) chairman, Martin Chomba, clarified that there was enough fuel to serve the country in the coming weeks.
“There is sufficient fuel at the depots but the major oil companies are not evacuating it because they do not have sufficient dollars,” he stated.
