The Treasury wrote off Sh37.06 billion debts by struggling parastatals in the year ended June 2021, exposing the deteriorating financial health of the State-controlled firms.
MPs set to grill 17 parastatal chiefs over Sh83bn loans
Summary
Parliament has summoned the top management of 17 state corporations that have failed to repay loans worth Sh84.3 billion guaranteed by the Treasury.
The National Assembly’s Public Accounts Committee (PAC) said it will grill top managers of the parastatals which have continued to rely on the Treasury for bailouts.
The committee is seeking to establish why cash-strapped parastatals continue to sink into more debt despite the Treasury pumping in billions of shillings in bailout.
Friday July 23 2021
By EDWIN MUTAI
Summary
Parliament has summoned the top management of 17 state corporations that have failed to repay loans worth Sh84.3 billion guaranteed by the Treasury.