Counties receive Sh24.6billion from treasury after China gave Kenya six month debt repayment holiday

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Treasury CS Ukur Yatani

Nairobi

By Selipher Musungu

The National Treasury has released a total of Sh24.6billion to cash strapped counties.

Treasury Cabinet Secretary Ukur Yatani confirmed the disbursement saying the money has already been wired to the accounts of the devolved units.

Treasury CS Ukur Yatani

According to Mr. Yatani, the disbursed funds is part of their equitable share and that the total balance of Sh 61.4 billion of various counties is still  held at the Central Bank of Kenya (CBK). He urged them to utilize the funds promptly.

“The improvement of the economy and in particular positive revenue performance since December 2020 made it possible to prioritize disbursement of the funds to county governments,” said Yatani.

He added that county governments should prioritize in settling pending bills to suppliers to enable concerned institutions discharge their mandates effectively.

“The improvement of the economy and in particular positive revenue performance since December 2020 made it possible to prioritize disbursement of the funds to county governments,” said Yatani.

The money was made available just a day after China agreed to give Kenya a debt repayment holiday for loans valued at Sh27billion for up to six months.

Kenya had also received debt repayment holiday from 10 other countries under the Paris Club which saw Kenya save Sh32.9 billion.

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