Dormant projects to be axed as part of Sh253b loan deal

President Uhuru Kenyatta with Christine Legarde, then Managing Director of the International Monetary Fund on the sidelines of the G7 summit at Le Manoir Charlevoix in Quebéc, Canada. [Courtesy]

There are plans to cancel close to 157 dormant projects as part of a far-reaching deal the government has with the International Monetary Fund (IMF) to puts its finances in order.

Top officials at the National Treasury and Central Bank of Kenya (CBK) told the IMF that this would see them save about Sh150 billion, or 1.5 per cent of gross domestic product (GDP,) in expenditure.