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Posts Tagged ‘Board of Directors’

IMF Completes the Eighth and Final Review Under the Extended Fund Facility (EFF) for Seychelles

Posted by African Press International on December 22, 2013


VICTORIA, Mahe, December 20, 2013/African Press Organization (APO)/ On December 19, 2013, the Executive Board of the International Monetary Fund(IMF) completed the eighth and final review under the Extended Fund Facility (EFF)1 for Seychelles. The Executive Board’s decision was taken on a lapse-of-time basis.2 The completion of the review enables a disbursement of SDR 3.3 million (about US$5.1 million), which will bring total disbursements under the arrangement to SDR 26.4 million (about US$ 40.7 million).

The EFF was approved in December 2009 for an amount of SDR 19.8 million (see Press Release No. 09/472) and was extended by one year in 2012, with an augmentation of access of SDR 6.6 million (about US$10.0 million).

Strong policies have fostered economic growth, brightening Seychelles’ near-term outlook. A robust rise in tourism earnings in 2013 supported growth, as well as a reduction in the current account deficit as a share of GDP. The exchange rate strengthened slightly, at the same time as the central bank accumulated more international reserves than expected. Inflation decelerated below 5 percent, and the government is on track to achieve its 5 percent of GDP primary surplus target, as a shortfall in tax revenue and grants has been offset by lower-than-anticipated capital expenditure. All performance criteria under the EFF for end-June 2013 were met, as were the third quarter indicative targets. The measures in the structural benchmarks were also all completed, although there were short delays compared to initial plans for technical reasons.

The authorities’ macroeconomic policy framework for 2014 provides a solid basis to continue to reinforce external and fiscal sustainability. The authorities remain on track with their objective to reduce public debt below 50 percent of GDP by 2018, while increasing allocations to address social needs. Monetary policy will continue to aim to stabilize inflation at low levels and to accumulate international reserves, and the authorities and staff agreed on the need to strengthen the monetary policy framework to improve the transmission mechanism. Structural reforms aim to extend improvements in financial discipline to the broader public sector, including through rebalancing utility prices to reduce implicit subsidies and through better oversight of parastatals, which staff stressed was key to avoiding potential future losses and ensuring better focus on their core mandates. Financial sector reforms seek to increase access to credit.

With the completion of this review, the EFF arrangement comes to an end. The program’s key objective of placing the economy firmly on the path to external and fiscal sustainability has been achieved, based on the successful implementation of the debt restructuring, robust fiscal consolidation, and the resumption of growth. Public debt has been brought down from 124 percent of GDP at end-2009 to an estimated 71 percent at the end of 2013, reflecting an average primary surplus of over 6 percent of GDP and growth of 3½ percent. Inflation has fallen below 5 percent. External reserves, a vital buffer for such an open economy, have improved from just over 2 months of imports at the start of the program to over 3½ months at the end of 2013.

While substantial progress has been achieved under the current Extended Fund Facility (EFF), the economy faces continuing vulnerabilities from still high debt levels, low reserve coverage, and an unfinished reform process. The authorities indicated their intention to request a successor arrangement with the IMF to consolidate and extend the progress made during this EFF. Discussions on a possible successor arrangement will continue early next year.

1 The Extended Fund Facility under the Extended Arrangement is an instrument of the IMF designed for countries facing serious medium-term balance of payments problems because of structural weaknesses that require time to address. Assistance under the extended facility features longer program engagement—to help countries implement medium-term structural reforms—and a longer repayment period. (See http://www.imf.org/external/np/exr/facts/eff.htm). Details on Seychelles’ arrangement are available at http://www.imf.org/seychelles

2 The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

SOURCE

International Monetary Fund (IMF)

 

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Kenya: Bungoma medics oppose the appointment of county medical boss

Posted by African Press International on August 28, 2013

  • GODFREY WAMALWA,API,KENYA

Bungoma district hospital is facing a deluge of challenges as its staff threaten to oppose the move to have hospital medic superintendent Dr.Egesa Mulianga to hold two positions in the government.
The latest move to have the said medic to a position of county medical superintendent as well as Bungoma district hospital superintendent has brought the renown medic under spotlight with a section of the staff going for the throat of country medical director Dr.Kimani over what they term as rampant nepotism.
How can a person hold two government posts?is it not the money that exchanged hands?claimed a staff who wished not to be named.”We have many people who fit for one of his posts in our county,why Dr.Egesa alone?added another staff.
Sources well-versed with the on goings who spoke to this writer lamented about poor management Dr.Egesa has spearheaded in the last years where he subjected workers to poor working conditions.
A staffer who spoke on condition of anonymity because he is not authorized to speak to the Media said that the medical officer wants to control funds of the hospital a move that has necessitated his rejection by other medics.
The source revealed that the Country medical director Dr.Kimani was given “his cut” by the controversial Dr.Egesa, two directors in the county who were involved in the illegal appointment without involving other professions which has led to the present stalemate.
But as the standoff between junior medics and Bungoma county barons over the appointment , it is emerging that the man at the centre of the storm who spearheaded the unpopular move is just not another doctor from Nairobi Dr.Kimani who is also a close friend and associate of Bungoma district hospital medical superintendent Dr.Egesa for whom they were classmates.
Multiple sources at Bungoma hospital speak of a facility which has been hijacked by individual private interests particularly by medical superintendent, Board Members and well-connected junior staffers like who seem to do things with impunity and at the detriment of the hospitals’ very survival. Employees are now pleading for the Ministry of medical services, to step in and resolve the stalemate.
As controversy boils, workers have vowed to down their tools if the opposed medic will have to hold two posts as had alleged.”The doctor was overheard saying that he will use his position to settle scores among his professional nemesis that has been opposing his appointment” claimed another source who sought anonymity for fear of security. When called for comments,Dr.Egesa cell phone his went on unanswered.

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1.June 2013: Kenyans in Norway celebrate “Madaraka Day” – Kenya’s self-rule Day

Posted by African Press International on July 7, 2013

Kenya defeated the British colonialist after waging freedom war led by the MAU MAU group. The British gave in 1963 granting the Kenyan‘s self-rule in 1.June 1963. Full Independence was achieved on the 12th December 1963.

The party was organised by the Association’s Board members. Many Kenyans and friends of Kenya attended the celebration that went on throughout the night, until the early hours of Sunday morning.

The party was a great success, thanks to the Association’s Board Members who ensured that everything ran smoothly.

Interview with Mr Makosir – Chairman of the Association:

Mr Fred Makosir is the Chairman of the Association of Kenyans in Norway. Here, he speaks to API during Kenya’s Self-rule Day (Madaraka Day) celebrations held in Oslo, Norway on the 1st of June 2013.

The Kenyans and friends danced the night out enjoying the freedom that was achieved through hard work. Many fighters died for Kenya to gain independence.

Part 1

Part 2 – Competition – beer drinking…….

Kenya’s first president was Jomo Kenyatta followed by Daniel Moi, Mwai Kibaki and now the fourth was elected on March the 4th this year 2013. He is president Uhuru Kenyatta who is the son of the first president Jomo Kenyatta.

 

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Kenya: Lugulu mission Hospital in Bungoma County is now surviving on borrowed time

Posted by African Press International on June 6, 2013

  • By GODFREY WAMALWA, API KENYA
Lugulu mission Hospital  in Bungoma County is now surviving on borrowed time if details of a well-guarded corruption networks unmasked by weekly citizen is anything to go by.
Even before the dust settle in the air after a shocking exposure of corruption at controversial Lugulu Mission Hospital in Bungoma County, fresh details are now emerging over the bleak future of the facility. For the third week in a row, the hospital which   a week ago was reported by your  favorite   Weekly Citizen to  have  lost  hundreds of millions if not  billions of  shillings through fraudulent  deals by it Managers, CEO and some of  its Board of Directors is now in the  thick of another  scandal involving another million scandal.
And following recent happenings at the once vibrant medical facility that have seen several directors and officials exit and others are now hauled to court  to answer unprocedurally terminations, details have emerged exposing even more sleaze.
 The facility is widely known within the region to conduct this malpractices and it is no longer news to hear that yet another multi million financial scam  has resurfaced.
Ironically , these cases even when reported are never dealt with accordingly by the relevant authorities.
After several ill-financial reports erupted one week after an exposure by your popular weekly citizen,this scribe pitched investigative tent to unmask what was detailed in the hidden but shocking auditing reporting.
The report in white paper but written with black ink cites numerous glaring cases of unvoiced expenditures, conflict of interest and accounting lapses at the hospital.The report details that a total of Sh14.7million was stolen through unvoiced expenditure and further recommends that the Financial director Evelyne  Efumbi should be investigated and arraign in court to pay for the loot.
Situated along Webuye-Kitale,the facility which receives huge funding from Friends United Mission,Aphias Plus and government support, has allegedly cut itself a special place on matters of corruption.Another Sh729,520  was lost whereby the hospital was required to carry out a monthly Bank reconciliations to detect any direct debits by Bank which was not captured in the hospital financial records.
The examination held by the hospital reveals that the expenditure totaling to the above amount during 2010/2011 financial year was incurred on clearing hospitals debts,no records were produced to show how transaction was done.
Documents in possession with weekly citizen reveals that sh 3million was not accounted for and the items purchased were not procured professionally.
An amount of sh6million was withdrawn from the hospital bank by former Dr.Simon Kisaka while another sh 1.6million withdrawn by Evelyne Efumbi who allegedly handed over the withdrawals,there is no documents to support such transaction.The report further indicates that the hospital might have lost sh 27million through fraudulent withdrawals.
The estimated average monthly collection(revenue)ksh 4million,but from available schedules,a total of sh 2.1m was banked and the sh1.9 was directly spent but there was no tangible evidence of banking sh2.1m.
The hospital however,lost sh900,000 through unaccounted for travelling and subsistence allowances but no supportive documents attacked to the payment vouchers,no receipt acknowledgement of the cash pai or payment vouchers and that the said payments were treated as expenditure instead of temporary imprests.
However officers implicated in the above scam are as follows.Wilson Maungo (former internal auditor)two junior staffs,and the acting administrator Jackson Fuko. Our expansive investigation has however, unmasked that mismanagement and inefficiency  is the cause of financial troubles at the Bungoma based hospital.
This revelations comes as the fate of about a section of employees hangs in balance,after being sacked under shady circumstances
The tradition by top management to single source suppliers is behind the fleecing of the company of profits, with no tendering process.
“There is too much inefficiency at the hospital”, a highly placed source said.
The source who has been working at the firm as a senior manager for over the years, but declined to be named blamed top managers for not having fixed rates for buying of items at the hospital.
The recent appointment of Jackson Fuko to head administration office has threatened to impair the smooth running of the hospital bearing in mind the he is incompetent and holds a mere certificate in storekeeping. In a recent meeting where he was to address staffs,saw him prefer using Kiswahili a situation which provided a perfect insight of his disastrous academic background. His anarchic act,selfish and outright office abuse has put his competence as an administrator in question something that is now evident at the hospital struck with mass exodus of managerial experts.
According to impeccable sources,his anarchic acts and selfishness has led to a number of senior officers moving out.However,the recent mass exit was that the immediate administrator William Wambugu who recently resigned at the hospital citing frustrations and forcefully embezzlement of donors funds,lack of commitment by a section of management,and issuing of payment vouchers to non-existing projects.
But what followed after the taking over the office of administrator very perturbing as a new turn of events emerging where a section of the locals who are well versed with the million scandal is now embroiled in got agitated and threatened to hold demonstrations.
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“One on One” with Fred Makosir – Chairman Association of Kenyans in Norway

Posted by African Press International on June 4, 2013

Mr Fred Makosir is the Chairman of the Association of Kenyans in Norway. Here, he speaks to API during Kenya’s Self-rule Day (Madaraka Day) celebrations held in Oslo, Norway on the 1st of June 2013.

The party was organised by the Association’s Board members. Many Kenyans and friends of Kenya attended the celebration that went on throughout the night, until the early hours of Sunday morning.

The party was a great success, thanks to the Association’s Board Members who ensured that everything ran smoothly.

 

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