Half of the 1,000 public projects being implemented in Kenya have stalled and will require a staggering Sh1 trillion to complete, the International Monetary Fund (IMF) has disclosed, raising concerns about the country’s planning and public spending decisions.
The huge number of stalled projects, which comes with delayed payments to contractors, is a major contributor to the cash crunch in the private sector that has precipitated job losses and reduced cash in people’s pockets with latest Central Bank of Kenya (CBK) data showing that the cash circulating outside banks dropped to Sh176.9 billion in September — the lowest since September 2015.
