Business
Amid Kenya Power Struggle, IMF Says Investment Programme In Crisis
Hundreds of mismanaged infrastructure projects have stalled in Kenya and it will cost around $10 billion to revive them, the IMF said in a report whose findings point to a growing power struggle at the heart of government.
Amid mounting public anger over ballooning state debt and a series of graft scandals, President Uhuru Kenyatta on Tuesday confirmed acting finance minister Ukur Yatani in the post after its previous incumbent, Henry Rotich, was charged with financial misconduct – an accusation he denies.
The government has acknowledged that some past investment projects did not pass muster, and Yatani told a budget preparation meeting on Wednesday that available resources would be “dedicated only to projects and programmes that will ensure higher economic and social returns.”
Yatani, an ally of Kenyatta while Rotich was closer to Deputy President William Ruto, has won support from voters since provisionally taking over at the ministry in July.
The International Monetary Fund report, published on Wednesday, lays bare the scale of the task Yatani now faces.
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