• April 15, 2024
  • Last Update April 14, 2024 9:48 PM
  • Nairobi

How Offices of the President & the DP Misused Ksh81 Billion IMF Loan

A report from the Controller of Budget has revealed how a loan from International Monetary Fund (IMF) meant for development was misused by staff at the office of the president and the deputy president.

According to the report, the two top offices spent the Ksh80.78 billion loan to pay salaries that exceeded the initial budget.

Additionally ,the presidency also used another Ksh18.16 Billion from the Ksh70.17 billion IMF loan, which had been allocated for the department of housing, urban development ,ICT& Innovations to pay salaries and other perks.

“There were instances where revenue from loans and grants meant to fund development activities was applied to the recurrent budget,” the report read in part.

The report further indicates that, allowances and salaries for the staff in the Office of the President and his deputy increased quarterly with the figures rising from Ksh355.8 million the previous year to Ksh5.43 billion.

Moreover, according to the report, the salaries in the Ministry of Interior had also increased by Ksh4.5 billion to a whooping Ksh92.18 billion.

The report comes amidst effort by the Salaries and remuneration Commission to reduce Kenya’s increasing public wage bill.

Early this year, Kenyans had signed a petition to have the IMF refrain from giving Kenya another loan and to cancel any approved loans, arguing that the money is lost through corruption.

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1 Comment

  • Moris Kipruto , October 6, 2021 @ 6:53 AM

    On before next year’s general election we should have to elect good leaders who has Kenyans at heart! Corruption has been the cancer to our dying economy

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