Treasury CS Prof Njuguna Ndung'u and Energy and Petroleum CS Davis Chirchir while receiving two petroleum vessels at the port of Mombasa's KOT2 on May 11, 2023. PHOTO | WACHIRA MWANGI | NMG
The Treasury has sought to allay fears of financial risks under the government-backed fuel imports that started in April in a bid to reduce monthly dollar demand and stem the free-fall of the shilling.
Treasury Cabinet Secretary Professor Njuguna Ndung’u said in response to an article by the Business Daily that the letters of credit in the deal are a ‘good business model’ used by both international and local banks.
