The diversion of Kenya's expenditure towards paying salaries, pensions, and high interests on loans is what is affecting the nation's ability to focus on development, the World Bank has warned.
According to the World Bank Country Director Qimiao Fan, over 86 per cent of Kenya's expenditure is used to finance the high wage bill, pensions, and loan interests, thus limiting the ability to focus on infrastructural growth and economic empowerment.
While speaking to NTV on Tuesday, July 15, Fan noted that this was further compounded by the country's high level of public debt that stretched its financial coffers to the limit. "These few alone take a large chunk of your expenditure, and that means that you have very little money left to build roads, invest in schools, and create more health care facilities," Fao stated.
Qimiao Fan, World Bank Kenya Country Director speaking during a past event on December 10, 2024.
