CS Rotich paid out Sh4.5b to bail out State firms

Cabinet Secretary for National Treasury Henry Rotich. In the Financial Year 2015/16, repayment on assumed guarantees stood at Sh944.7 million. [File, Standard]

The Cabinet Secretary for National Treasury has in the last four years approved payment of Sh4.5 billion bailout cash for corporations which had defaulted on their foreign loans.

Official data from Treasury shows that by June 2019, CS Henry Rotich is expected to approve the disbursement of Sh1.3 billion as repayments on assumed guarantees on foreign debt, putting pressure on the exchange reserves.