World Bank approves Ksh97 billion to support Kenya’s anti-corruption efforts, governance reforms, and better public financial management.
Funds will strengthen transparency through stricter procurement rules, improved financial oversight and enhanced systems to curb fraud and misuse of public resources.
The World Bank, through the Second Green and Resilient Inclusive Growth Development Policy Operation (DPO), has allocated Ksh 97 billion towards fighting corruption, improving governance and management of public funds in the country.
The funds, approved on June 29, are set to settle loans secured from the International Bank for Reconstruction and Development worth Ksh 43.9 billion and Ksh 59.9 billion from the International Development Association.
World Bank Division Director for Kenya Qimiao Fan said the funds are set to generate savings from investors and maximum utilization of the public resources.
“By supporting reforms to address conflicts of interest, strengthen procurement systems, improve public financial management, and expand social protection, this operation will help Kenya reduce leakage, generate fiscal savings, and ensure that public resources deliver better results and reach the people who need them most,” he stated.
ALSO READ:
Kisumu bar owners urge parliament for inclusive Tobacco Bill consultation
Authorities have set strict guideline in managing the funds and public resources to interested candidates alongside penalties upon violation.
“The regulations introduce stronger penalties and improved disclosure requirements, closing loopholes that have historically allowed conflicts of interest to go unaddressed,” the notice reads.
The Treasury Single Account has also been customized to centralize government cash for visibility of state finance, monitor unutilized funds held in agencies accounts and limit underutilization of funds. The government will also adopt electronic procurement system where tenders will be secured and processed online for transparency in audition and verification.
Additionally, the government’s beneficiary database, Enhanced Single Registry, will be improved to limit fraud, duplication and track beneficiaries for accountability. It further stated the funds are also set to benefit the community both socially and economically to suppress poverty and embrace equality.
The Bank attributed the success of the program with effective implementation by relevant authorities.
By Ochola Victor
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!
