Kindiki says Govt asset sales will not fund recurrent expenditure
Kindiki said the money would be ring-fenced for development projects...
✨ Key Highlights
Deputy President Kithure Kindiki has pledged that proceeds from the sale of government assets will be strictly allocated to infrastructure development, not recurrent expenditure.
- The recent sale of the government's 15 percent stake in Safaricom to South Africa’s Vodacom for over Sh200 billion will be invested in the National Infrastructure Fund (NIF).
- This contrasts with past asset sales where funds were reportedly used for recurrent costs or lacked clear accountability.
- The sale, which increased Vodafone Kenya Limited's stake to 55 percent, marks a significant step in the government's asset monetisation program.
Continue Reading
Read the complete article from Capital Business
Part of the Day's Coverage
World Bank Approves Sh161.8 Billion Loan to Kenya After Demanding Reforms - July 2026
The World Bank has approved a Sh161.8 billion ($1.25 billion) financing package for Kenya, contingent upon the nation implementing a series of critical reforms. A separate report indicates that Kenya is among developing economies facing shrinking fiscal space due to rising debt and IMF-backed reforms, limiting its ability to fund growth and public services. Another report claims the International Monetary Fund prioritizes debt repayment and austerity over public spending, despite its stated commitment to inclusive growth, particularly affecting countries like Kenya. Deputy President Kithure Kindiki has pledged that proceeds from the sale of government assets will be strictly allocated to infrastructure development, not recurrent expenditure. President William Ruto and Deputy President Kithure Kindiki have defended the government's decision to sell stakes in Safaricom and Kenya Pipeline Company, with proceeds earmarked for financing major infrastructure projects.
