May 22, 2024

REVEALED! How Ruto administration borrowed Ksh.223.5b in five months

3 min read
REVEALED! How Ruto administration borrowed Ksh.223.5b in five months

Ruto administration borrowed Ksh223.5 billion in five months according to a report from the National Treasury

Ruto administration borrowed Ksh223.5 billion in five months according to a report from the National Treasury.

According to the report that was presented to Parliament, the government borrowed the specified amount through 11 loans between September 1, 2023, and January 31, 2024.

The report states that the loans were intended to strengthen Kenya Power’s financial stability, expand access to power, boost employment and wages, and encourage savings among certain youth on a national level.

The loans were given, among other things, to strengthen revenue mobilization, deepen accountability and transparency of public finance management at the national government level, and assist Kenya’s North Eastern region in realizing its full economic potential and enhancing the socioeconomic welfare of its people.

The first loan taken was signed on October 23, 2023, between the OPEC Fund for international development amounting to Ksh.5.8 billion meant to “support Kenya’s North Eastern province in achieving its full economic potential and improving social economic welfare.”

“More specifically, the project shall create new job opportunities because of new transportation possibilities, improved market access and create the possibility of labour migration,” the report reads.

On December 6, 2023, the government borrowed Ksh.14.2 billion from the International Development Association (lDA) to the National Youth Opportunities towards the advancement project ostensibly to increase employment, and earnings, and promote savings for targeted youth.

The country also borrowedKsh.28.5 billion towards the Kenya Green and Resilient Expansion of Energy Program to improve the financial viability of Kenya Power and increase access to electricity.

Ksh.36.9 billion was also borrowed to enhance revenue mobilization and deepen accountability and transparency of public finance management at the national government level.

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The country further borrowed Ksh.4.3 billion from the International Development Association (lDA) to increase access to irrigation water for project beneficiaries, enhance the institutional framework, and strengthen capacity for water security and climate resilience in certain areas of the territory of the recipient.

To increase the viability of Kenya Power, the government went ahead to borrow another Ksh.28.5 billion to increase access to electricity.

To enhance revenue mobilization and deepen accountability and transparency of public finance management at the national government level, the government borrowed Ksh.36.9 billion from IDA.

The government also took a Syndicated Term Loan Facility of Ksh.30.6 billion to fund the “development projects; refinancing or repurchase of Eurobonds issued by the borrower, and payment of any fees, costs, and expenses in connection with the finance documents.”

The health sector also benefited from the loans taken, as they got Ksh.17 billion to strengthen the health system resilience and multi-sectoral preparedness and response to health emergencies in Kenya.

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