IMF Says Uhuru has Improved in Usage of Loans

November 6, 2021

President Uhuru Kenyatta with the International Monetary Fund (IMF) Director for African Department, Abebe Selassie[Photos/Courtesy].

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Saturday, November 6, 2021 –Uhuru’s Government has been given permission to withdraw a sum of sh 29.1 billion from the sh 255 billion International Monetary Fund IMF loan.

Through an official statement issued on Friday November 5, the loaning organization recommended that the April 2021 facility be partly used owing to the fact that there have been an improved economic protection in the country with reduced graft cases.

International Monetary Fund IMF Headquarters.

IMF simply reviewed that so far the government had done a good job in safeguarding public coffers from rampant looting which has been there since taking power in 2013.

In the records seen by media, the total amount of money so far released for usage is sh 109 billion in the year 2021 with the balance pegged at sh 146 billion.

The world’s lending institution argued that the current regime had made remarkable improvements in many sectors as far as stopping graft in the country was concerned.

“The authorities have an action plan to address legal impediments that prevented publication of beneficial ownership information of successful bidders on the public procurement website.
“To safeguard public resources and enhance accountability, a special audit of grants spending will be undertaken, and the comprehensive audit of FY20/21 expenditure will include a chapter on pandemic-related spending,” IMF statement read.

Treasury Ukur Yatani during budget reading day.

In its statement, it also mentioned that the State was doing enough to make necessary governance changes in all its key departments for effective loan management.

Oflate, the president has worked towards streamlining State parastatals e.g the Kenya Power and Lighting KPL, Kenya Airways KQ and Kenya Medical Supplies Authority KEMSA all whch have faced runaway corruption.