The government cannot show projects funded with Sh1.13 trillion of expensive loans it took in 11-and-a-half years to 2021, even as an audit reveals huge risks since the credit facilities were taken illegally.
Treasury took 13 expensive syndicated loans and sovereign bonds which the Auditor-General, in a special audit on utilisation of commercial loans in Kenya between July 2010 and December 2021, now reveals were used to settle recurrent expenditures in government, contrary to the law.
