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Why Kenya’s wealth fund plan fails basic fiscal test
There is a mismatch in the ambition to establish the SWF, and the fragile fiscus in Kenya. The relevant economic preconditions to create a fund to store public savings is undermined by persistent deficits and growing debt.
Kenyans understand that in 2026, despite bold efforts to raise revenues, the government is actively borrowing to finance operations. Faced with that reality, it has no justification creating a savings account.
Yet that is precisely what is being attempted with the proposed Sovereign Wealth Fund (SWF).
