The government has cracked open the books on its massive Sh774 billion (US$ 5.96 billion) development portfolio funded by the World Bank. In high-level closed-door meetings, state officials and bank representatives are scrutinizing 31 active projects to ensure every shilling is accounted for.

The review comes at a critical time when the country’s debt sustainability is under the spotlight. The portfolio, which spans infrastructure, health, and agriculture, is the financial backbone of the Bottom-Up Economic Transformation Agenda (BETA). However, concerns over absorption rates and project delays have prompted this urgent audit.

Follow the Money

"We are not just looking at the numbers; we are looking at impact," a Treasury insider revealed. The discussions focused on accelerating budget support operations and aligning the upcoming IDA 21 cycle with Kenya’s immediate needs: job creation and industrialization. The government is keen to avoid the spectre of "white elephant" projects that have plagued past administrations.

• The Youth Factor: A significant portion of the funding is earmarked for youth empowerment. With unemployment ticking upwards, the pressure is on to convert these billions into tangible jobs for the millions of idle graduates.
• Fiscal Discipline: The review also touched on Kenya’s fiscal health. With the deficit widening to 5.9% of GDP, the World Bank’s input is seen as a stabilizer. "We must move beyond headline GDP growth and feel it in our pockets," noted an economic analyst.

A Crossroads for Development

The audit signals a shift from reckless borrowing to strategic utilization. As the shilling stabilizes against the dollar, the government hopes that optimizing these funds will spur the private sector credit recovery, which has been sluggish.

"The days of blank checks are over," the message from the Treasury seems to be. "Show us the value, or lose the funding." For the taxpayer bearing the burden of repayment, this scrutiny is long overdue.