A fresh headache has been dealt to the former President Uhuru Kenyatta after the Kenyan treasury has failed to account for billions of shillings used during his tenure.
The government of Uhuru is said to have received $740 million (83.7 billion) back in August 2022 for the sole purpose of boosting the country's foreign reserves.
According to the Institute of Public Finance, the treasury has not been able to explain the funding of specific projects which were funded through 41.8 billion shillings as money received from the International Monetary Fund (IMF).
A further explanation reveals that the Kenyan government by then being led by Uhuru Kenyatta made it clear to that IMF that it was going to use part of the 83.7 billion borrowed locally.
The government in December told the IMF that it will use part of the Sh83.7 billion locally and would borrow half of the SDR allocation from the CBK in local currency and repay in 30 years.
The SDR allocation was crucial to building up Kenya’s forex reserves in September to $9.6 billion.
A report jointly authored by IPF, a think tank based in Nairobi and Christian Aid, an international NGO headquartered in London, says its review could not identify specific projects funded through the SDR.
Content created and supplied by: Kasiliraphael (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More