Kenya’s Sh1.1 Trillion Loan Misuse Scandal

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The Kenyan government has been unable to account for Sh1.1 trillion in borrowed funds between 2010 and 2021, including 13 expensive loans and sovereign bonds.

An audit by the Auditor General revealed that these funds were used illegally for recurrent expenditures instead of development projects. The government also paid Sh55.8 billion in avoidable loan penalties due to delays and inefficiencies in debt servicing.

The Auditor General’s report highlighted the lack of oversight and transparency in the management of public funds, with concerns raised about the accountability of the government in handling borrowed loans.

The report has sparked widespread criticism and calls for greater accountability and transparency in government financial management.

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