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Fresh Headache As Uhuru's Treasury Fails To Account For Billions Used In His Tenure.

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 )


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