Kenya – Government to write off $464 mln debt of sugar mills

The government of Kenya has agreed to write off KES40 bln ($1=KES86.15) debt owed by sugar millers as a final step to the sale of the five state-owned sugar companies Muhoroni, Sony, Chemilil, Miwani, and Nzoia, local press reports said.

Finance Minister Njeru Githae said he had advised the privatisation commission to prioritise sale of the assets to private investors to make them competitive. Most of the debts have been incurred as a result of mismanagement of the companies while others date back to the days of price controls that left the companies with no choice other than sell sugar at prices below production cost, Githae noted.

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