The Central Bank of Kenya Act is set to be amended in changes meant to tighten the use of borrowed funds, the World Bank has revealed, as the country comes to terms with disclosures by the Auditor-General that Kenya does not have audited financial statements on public debt.
In a new report that underpins the multilateral lender’s recent disbursement of a Sh141 billion ($1 billion) loan to Kenya, the World Bank says the amendments to the Act which are being done in collaboration with the International Monetary Fund (IMF) are shortly expected.
