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Why IMF is Impressed With Uhuru, to Offer Him More Loans – Kenyans.co.ke

The International Monetary Fund (IMF) says it has been impressed by the steps taken by President Uhuru Kenyatta over the recent months in terms of development even as the government seeks more grants and loans from the fund
In a statement dated Friday, November 5, IMF allowed Kenya to draw Ksh29.4 billion from the Ksh255 billion loan it gave the government in April 2021. The total amount released to Kenya in 2021 now amounts to Ksh109 billion, with the balance amounting to over Ksh146 billion. 
IMF stated that it allowed Kenya to access the Ksh29.4 billion after reviewing the country’s progress on its governance and anti-graft agenda. The financial institution was happy that Uhuru’s administration was moving forward with this drive and that the country was making great steps on that front. 
“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 stated. 
It also noted Kenya’s efforts in undertaking reforms to improve government effectiveness and proactively manage fiscal risks. 
Uhuru’s administration is expected to roll out a common payroll system for public employees and also release more reports on risks from Public Private Partnerships (PPPs) and SOEs that will feed into 2022’s budget process.
IMF underlined Uhuru’s endeavour to streamline parastatals, notably, Kenya Power and Kenya Airways (KQ) as a major factor in turning around the entities to operate on profits rather than losses. 
It further called on the government to reduce debt vulnerabilities and safeguard resources to protect vulnerable groups. 
However, it warned that the political calendar is also a source of uncertainty and Kenya has to be on the lookout to protect its significant growth witnessed under Uhuru’s last term. 
“Kenya’s longer-term outlook remains positive. The further deepening role of the digital economy in Kenyans’ everyday life points toward areas of dynamism for the future, even as sectors, like manufacturing, have seen challenges to competitiveness and actions will be needed to seize opportunities in free trade agreements,” it stated. 

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Author

Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.