Kenya’s finance minister announces the start of the country’s debt audit

Finance Minister John Mbadi informed Reuters on Monday that the auditor general of Kenya has initiated an investigation into the country’s debt to determine the quantities owed to various creditors.

In June, the government was compelled to abandon a number of planned tax increases when anti-tax hike demonstrators demanded an audit of the borrowings, despite the fact that the East African nation’s debt currently stands at 10.5 trillion shillings ($81.71 billion).

Mbadi stated that the audit has commenced; however, he did not furnish additional information regarding the investigation’s objectives or the anticipated completion date of the report.

The auditor general is an independent office that is constitutionally mandated and funded by the state.

A committee was appointed by President William Ruto to conduct the audit during the demonstrations’ peak. Nevertheless, the appointments were declined by a number of appointees, including the head of the Law Society of Kenya, who argued that the auditor general should be responsible for the task.

Mbadi had pledged to increase “debt accountability” during his parliamentary vetting for the position in order to facilitate a more comprehensive understanding of the matter by the public.

The protests resulted in the deaths of over 50 individuals, which compelled President Ruto to rescind the government’s financing law.

Additionally, it resulted in a succession of credit downgrades by the three primary global rating agencies.

Before its board meeting to ratify the most recent review of Kenya’s program and a disbursement of $600 million, a team from the International Monetary Fund is conducting a fact-finding mission in the country.

($1 is equivalent to 128.5000 Kenyan shillings)