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Kenya

Yearbook 1999

Kenya. According to Countryaah official website, the economic crunch continued from an already catastrophic level, and the government sent unclear signals about its ambitions to overcome the problems and restore the world's confidence in K. As a remission to the World Bank, in July, Nature Conservation Chief Richard Leakey, formerly one of President Daniel arap Moi's chief, was appointed critics, to the head of state administration with the mission of increasing efficiency and fighting corruption. Between 60,000 and 120,000 government services were estimated to be phased out, but Moi said in September that there would be no layoffs at all. In April, when Moi resumed his post as Vice President, who had been vacant for just over a year, he elected George Saitoti, a man from the old, suspicious elite. Saitoti was Vice President until 1997 and Finance Minister in 1983-92.

1999 Kenya

A decision to reduce the number of ministries from 27 to 15 was regarded as a cosmetic change, as the number of ministers was unchanged and a number of people from the closest circle around Moi were allowed to remain.

The budget deficit increased during the year, growth slowed and the state lagged behind with the repayments on the external debt. Capital flight increased dramatically in September, as investors' confidence in the Nairobi Stock Exchange declined. Since the beginning of the year, the stock market index had fallen by 18%.

 
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