"Kenya May Miss Out On Sh96.9bn World Bank Loan Over Key Anti-Corruption Law"

" \r\n\r\n Kenya May Miss Out On Sh96.9bn World Bank Loan Over Key Anti-Corruption Law \r\n\r\nKenya risks losing access to a Sh96.9 billion loan from the World Bank after President William Ruto declined to assent to a key anti-corruption law, citing concerns over its dilution by Parliament.\r\n\r\n \r\n \r\n \r\n \r\n\r\nKenya's delay in passing the Conflict of Interest Bill, 2023 has not only postponed the release of the World Bank loan but also created a significant funding gap for the National Treasury, just weeks before the end of the financial year.\r\n\r\n \r\n \r\n\r\nAccording to Treasury Cabinet Secretary John Mbadi, if Parliament succeeds in\u00a0 revising\u00a0 and passing the bill in a form acceptable to both the government and the lender, the earliest the funds could be released would be July.\r\n\r\n \r\n \r\n\r\n \u201cThe WB funding seems to be going to July because some of the legislations (Conflict of Interest Bill) that were precedent to the release of these funds were delayed,\u201d \r\n\r\n \r\n \r\n\r\n \u201cThe Conflict of Interest Bill was a key Bill for the WB to give us the funding, and when it was unlocked, there was no time to take it to the WB board for approval. We are going to June 30 with a Sh97 billion hole that, as the CS, I did not prepare for. \u201d\u00a0 Mbadi said. \r\n\r\n \r\n \r\n \r\n \r\n The World Bank had tied the Sh96.9 billion loan to the bill\u2019s passage. \r\n \r\n As of today, Kenya faces a Sh97 billion shortfall\u00a0 in its 2024\/25 budget, a gap the World Bank loan was intended to help close. \r\n \r\n \r\n \r\n \r\n \r\n Kenya\u2019s conflict of interest bill \r\n\r\n \r\n \r\n\r\nThe Conflict of Interest Bill, 2023 aims to strengthen ethical conduct in Kenya\u2019s public service by curbing self-dealing, contract manipulation, and unregulated business interests among officials.\r\n\r\n \r\n \r\n\r\nPresident William Ruto declined to sign the bill after MPs weakened 12 critical clauses, arguing that the amendments undermined its ability to combat corruption.\r\n\r\n \r\n \r\n\r\nWhile the bill addressed conflict of interest, Ruto called for\u00a0 stronger provisions \u00a0on transparency and enforcement to align with constitutional values.\r\n\r\n \r\n \r\n\r\n \u201cIt is unacceptable for the Houses of Parliament to deny the country a much-needed instrument in the war on corruption by continuing to sabotage the passage of the Conflict-of-Interest Bill... unless, my friends, there is a conflict of interest in the passing of the conflict-of-interest legislation, \u201d he said in a State of the Nation address last year.\r\n\r\n \r\n \r\n\r\nSupporters see his move as a stand for reform, but critics warn the delay could worsen fiscal challenges.\r\n\r\n \r\n \r\n\r\nAs of June 5, the\u00a0 National Assembly passed amendments addressing Ruto\u2019s concerns, clearing the way for the bill to move to the Senate.\r\n\r\n \r\n \r\n\r\nProvisions objected to by the President included vague definitions of conflict of interest, permission to accept gifts while in office, and lenient disclosure requirements.\r\n\r\n \r\n \r\n "

"Kenya May Miss Out On Sh96.9bn World Bank Loan Over Key Anti-Corruption Law"

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