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Inside Sh400b austerity plan for ailing parastatals

Treasury Cabinet Secretary Njuguna Ndung'u when he appeared before the Senate, Nairobi, February 24, 2023. [Elvis Ogina, Standard]

State-owned enterprises (SOEs) and regulatory authorities are staring at job cuts, fewer calendar activities and capital projects over the next financial year.

This is as the government implements a strict austerity plan to unlock Sh400 billion in liquidity.

It comes on the back of sustained pressure from the International Monetary Fund (IMF) and the World Bank, which is part of the Sh294 billion three-year financing package approved in April 2021 and is set to expire in the coming weeks.