Kenya stares at Sh180bn cash shortfall from foreign donors
Kenya has only received a quarter of the funds it expected from donors in the 2012/13 financial year to help fix a growing budget deficit. By March, the Treasury had received Sh53.7 billion against a Sh233.8 billion target, representing 23 per cent of the budgeted funds. A new report from the controller of budget released last week said the deficit is one of the biggest impediments to the country’s growth.
But the budget controller pointed an accusing finger at the country’s laborious public procurement procedure, blaming it for slow absorption of funds. The report also noted that out of Sh37.8 billion allocated to paying pensions in the current fiscal year, only Sh18 billion, almost half of the allocation has been paid out while a whopping Sh2.4 billion remains unspent.... Read the full, comprehensive news article and discuss at The Daily Nation