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We Need a List: International Monetary Fund (IMF) Demands for Loan Accountability and Transparency in Kenya

Antoinette Sayeh

The International Monetary Fund has given the Kenyan Government new conditions that aim to restore accountability of public funds. Under the new directives, President Kenyatta has been pressurized to disclose the government-tender winning companies’ details of the directors, shareholders, and investors that are not in the public domain.

Through the official International Monetary Fund blog, the IMF Deputy Managing Director, Antoinette Sayeh stated that the government’s comprehensive audit publications done in the recent past and the future disclosure of tender winning companies and company directors’ details are great steps that will enhance transparency and accountability of public resources.

Sayeh added that the Central Bank of Kenya had provided the Washington -based institution with credible information that provided guidelines on the monetary policies that influence inflation. The information was critical during the Kenya loan review process. On 25th June, Kenya received the second disbursement of KSH. 44 billion loan after the IMF board approval following the government’s satisfactorily meeting the conditions set by the international financier.

She also lauded the Kenya government’s effort in structuring the governance reforms and urged the head of state to ensure the details of shareholders enjoying state benefits get to the public domain. Kenya Revenue Authority is the body that should disclose the details of these billionaires. Sayeh also urged the government to fast-track the prosecution of COVID 19 billionaires found guilty of the Kenya Medical Supplies Agency (KEMSA) Scandal.

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