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Education financing in Kenya

From EverybodyWiki Bios & Wiki


Kenya has prioritized education as a key sector and has increased public spending over time. Household contributions and donor aid also play an important role in education financing. Education in Kenya is supported by OECD countries, the World Bank, and international organizations such as EU institutions and African Development Bank Group. However, aid flows have not been stable, increasing during the introduction of free primary education, but declining in response to governance concerns. The Kenyan government has faced rising public debt, resulting in increased debt servicing costs. This has reduced the budget for the education sector, lowering the quality of education and weakening school management. Additionally, Kenya has received financial support from the IMF and the World Bank with certain policy conditions. These conditionalities are debated as they can both increase and reduce education spending. Moreover, illicit financial flows caused by tax abuse are a significant issue in Kenya, reducing the funds that could be allocated to education. Furthermore, since the 1980s, Kenya has been affected by IMF structural adjustment programs. The implementation of cost sharing policies caused a burden of education financing onto households, leading to challenges such as reduced enrolment rates and increased educational inequality.

Total country spend on education: government, household, and aid contribution

Government spending on education

The Kenyan government allocated a large amount of funding to education[1].The allocation of the education budget has enabled major educational programs such as free primary education and free day secondary education.[2] Government spending on education is increasing over time. The amount nearly doubled from KSH169 billion in 2010/11 to KSH 319 billion in 2015/16, driven by increases in school enrollment and costs.[3] This trend can also be seen from 2018/19 to 2024/25, with spending rising from KSH 455 billion to KSH 703 billion.[4]  

File:Government spending on education in Kenya 2026-03-20.png
Figure 1: Government spending on education in Kenya

Expenditure on education as a percentage of total government expenditure has stayed above 15% since 2000.[5] Expenditure on education as a percentage of GDP has been decreasing and is currently in the 4.0 percent range(Figure 1).[6] These figures meet  UNESCO’s recommended standards, which encourage countries to allocate 4~6% of GDP and 15~20% of government expenditure to education.[7]

In 2025/26,  the education sector made up 16.6% of the national budget, making it the largest share.[8] Based on data from 2010 to 2016, a quarter of government recurrent expenditure was spent on education, which amounts to about a quarter of government revenue. This indicates the high priority of the government on education and limited possibility of further increase in spending.[9] When examining the allocation of expenditure, salaries account for a large share of spending. Almost 60-66.5 % of recurrent expenditure in the education sector is spent on salaries, of which 90% goes to teachers' salaries. JICA and IDCJ (2012) suggest that the high share of teachers' salary is attributed to a qualification-based system, where pay is determined by academic qualifications rather than actual job positions. High expenditure on salaries places a financial burden on the education sector.[10]

There are other African countries where education expenditure as a percentage of GDP is higher than in Kenya such as Malawi or Mozambique. However, the primary school completion rate in Kenya is relatively higher than in these countries. This suggests that Kenya uses the expenditure more efficiently.[11]

Although Kenya has prioritized education expenditure, some reports point out issues of effectiveness and financial management in education. For example, education expenditure in Kenya is less likely to benefit poor children at the pre-primary level compared to primary education or secondary education. At this level, a large share of benefits goes to non-poor children, indicating limited access for the most vulnerable children.[12]

Household spending and aid spending on education

Households in Kenya also spend a significant amount on education. The expenses include direct costs such as school fees or educational materials, as well as indirect costs such as school uniforms or transportation. In 2024, household spending was estimated at Ksh 132 billion, which is equivalent to around two-thirds of government expenditure on primary and secondary education.[13] However,  household spending on education is difficult to measure,[14] and as a result, these estimates may not be fully accurate.

Donor spending on education has fluctuated over time. Between 1995/96 and 2008/09, Official Development Assistance (ODA) for education accounted for around 2.5 % to 7.7% of public expenditure on education, averaging around 4%. During several of these years, about half of ODA for education was spent on primary education.[15]

Education aid

The main donors financing education in Kenya are Development Assistance Committee countries and World bank. In addition, there are other donors such as regional development banks, EU institutions, and the United Nations. Among bilateral donors, the United States is the largest provider of education aid.[16]

Figure 2 shows changes in education aid from all official donors and from DAC countries between 2002 and 2024. Overall, education aid has increased over this period, although it has fluctuated. However, some donor countries have begun to reduce their aid budgets, which is expected to affect education aid flows such as the United States, United Kingdom, and Belgium.[17] At the same time, Aid from DAC countries in Kenya has generally stagnated compared to the early 2010s.[18]

File:Education aid to Kenya from all official donors and from DAC countries in Kenya.png
Figure2: Education aid to Kenya from all official donors and from DAC countries in Kenya

In terms of aid types, the amount of grants of education aid has decreased in many low and lower　- middle income countries including Kenya[19].In Kenya, ODA on education consisted of grant aid until around 2018. However, the loans started to gradually increase from 2018. The loans are largely provided by the World Bank and regional development banks.[20]

Education aid in Kenya is mainly provided through project-based interventions. For example, in 2023, the EU launched the LCMS project, providing KES.1.48 billion to improve internet access in primary schools.[21] The EU has also funded Community Development programs that supported community development projects starting in 1997. Around 60% of the projects are linked to primary and secondary education.[22] The African development bank supported a project that improved engineering training facilities in public universities in Kenya, resulting in the accreditation of engineering programs.[23]

Historically, education aid in Kenya has been influenced by changes in donor relations. After independence, Kenya maintained relationships with Western countries because of their political and economical interests. However, in 1997, concerns over governance or corruption led to the reduction of aid by international donors including the IMF, the World Bank, and the European Union [24].  In 2002, the NARC government was reformed and aimed to implement free primary education. At the same time, the Education Sector Support Program (KESSP) was designed to make the financial flow effective and transparent with the support of the World Bank. This policy shift led to the recovery of trust from international donors.[25] Also, the push for free education attracted international donors such as UNICEF, which provided  $2.5 million in support [26] .  However, in 2009, funds and corruption for the use of donor funding was revealed, which resulted in the suspension of aid from donors such as World bank, the United Kingdom, UNICEF, Canada [27].  Following the suspension of the KESSP, it is unlikely that a new pooled funding program like KESSP will be established.[28]

Debt servicing and education

According to the IMF debt sustainability analysis (2024), Kenya is assessed as being at high risk of external debt distress and overall debt distress.[29] Kenya’s government debt as a percentage of GDP has also increased over the past decade, although it declined slightly between 2023 and 2024(Figure3). On average, it was 54.3 % between 2016 and 2024.[30] The increase in public debt can be attributed to pre-existing fiscal deficit, the COVID-19 pandemic, natural disasters, currency depreciation, fiscal mismanagement, and rising interest rates(IMF and IDA, 2024).[31]

File:Kenya’s general government debt as a percentage of GDP.png
Figure3: Kenya’s general government debt as a percentage of GDP
File:Debt service as a percentage of revenue.png
Figure4: Debt service as a percentage of revenue in Kenya

Tax Justice Network Africa (2022) points out that the increase of commercial loans from private creditors has contributed to debt distress in Kenya.[32] According to The National Treasury (2021, cited in Tax Justice Network Africa, 2022),  the debt from private creditors accounts for 58% of total debt on average between 2012 and 2020.[33] Since private creditors charge higher interest rates than multilateral and bilateral creditors, the reliance on commercial loans results in a rise in debt servicing cost. Debt service to commercial creditors represents the largest share of total external debt service, compared to bilateral and multilateral creditors.[34]

As a consequence of the increase in public debt, debt servicing has also risen. Debt servicing as a percentage of revenue has increased from 50% in 2020/21 to 71.2% in 2024/25 [35](Figure4). Furthermore, the Kenyan government allocated 20% of government expenditure to public interest payment between 2020 and 2024, which was relatively high compared to other developing countries.[36]

This high debt servicing burden limits government spending on public services such as education and health.[37] According to a report from OFAM (2021)[38],  government spending on debt servicing consistently exceeded education spending between  2011/12 and 2019/20. Over this period, government spending on debt servicing continued to rise, while education spending showed a declining trend. Furthermore, the correlation coefficient between debt servicing and education spending was -0.34598. These findings suggest that rising debt servicing has reduced available funds for education.[39] This reflects the government’s obligation to prioritize debt repayment over public services expenditure.[40] The reduction in spending on education has negatively affected the quality of education and access to schooling. Reported consequences include overcrowded classrooms, teachers shortages, inadequate hygiene facilities. Moreover, high costs of educational materials and tuition prevent children from low-income families from attending school or result in dropouts or poor academic performance.[41] Also, funding for programs supporting girls' education, such as free sanitary pads and boarding schools has been reduced.[42] The impact of reduction in spending on education becomes greater during periods of crisis. For instance, many students were unable to access adequate only learning during the COVID-19 pandemic when in-person education was suspended in African countries.[43]

IMF and World Bank conditionalities and education

Kenya has received IMF loans repeatedly from 1975 to 2023,  about once every two to four years. The total amount of IMF lending to Kenya is 4,537,552 thousand SDRs.[44] Since around 1990, Kenya has more consistently received assistance under the Extended Credit Facility, which offers mid-term financial support to low-income countries.[45][46] Kenya has also received lending from the World Bank. Based on available data since 2017,  Kenya has received financial support from the World Bank every year. The main type of lending is IDA credits, which are provided to poor countries at low interest rates. A total of about US$ 12814 million has been committed in IDA credits.[47]

These loans come with certain conditions. The IMF conditions include prior actions, which are conditions for loan approval; quantitative performance criteria, which are quantitative targets for economic variables; indicative targets, and structural benchmarks, which are qualitative reform measures.[48] However, according to the IMF Country Report (2024), several targets such as tax revenue targets and fiscal balance targets, the reform of the inventory and classification of state corporations, and climate policy measures have either not been met or have been delayed.[49] The World Bank also requires reforms such as economic improvement, greater efficiency and transparency in public finance, and stronger action on climate change as conditions for lending.[50]

The impacts of these conditionalities have become a subject of debate. IMF conditionality has been controversial, with some arguing that it has positive effects on education, while others emphasize its negative impacts. The study conducted by Gupta, Schena, and Yousefi (2020) examines the relationship between the IMF expenditure conditions and public spending using data from 115 countries between 1992 and 2016. It finds that structural conditionality related to government fiscal management can contribute to an increase in expenditure for education, health, and investment in the long term.[51] The study by Stubbs, Reinsberg, and Kentikelenis (2020) develops a new method to explore the influence of IMF conditionality on policy outcomes. Using data from developing countries, the analysis finds that education expenditure as a percentage of GDP decreases by 0.05 percentage points for each additional condition.[52]

Illicit financial flows and education

Illicit financial flows refer to the illegal transfer of financial capital from a country to abroad.[53] There are various sources and channels of illicit financial flows. Sources include money obtained through state corruption, criminal activities such as drug trade, and commercial tax evasion [54][55].  These funds are illegally transferred through tax evasion by multinational companies, cash smuggling, transfers to tax havens,  or money laundering[56][57].  The main destinations of illicit financial flows from developing countries are tax havens such as Switzerland, the British Virgin Islands, and Singapore, and banks in developed countries including the United States and the United Kingdom.[58]

Kenya is one of the African countries where illicit financial flows are particularly serious.[59] Tax avoidance and evasion are significant factors driving illicit financial flow in Kenya.[60] According to the Tax Justice Network(n.d.), the Kenyan government is believed to lose USD189,845,603 dollars each year through tax abuse by multinational corporations and private individuals. This is equivalent to 1.4 % of tax revenue and 4.03 % of education expenditure[61].  These tax-related illicit financial flows are estimated to amount to around 2.34 % of GDP[62].  Illicit financial flows can reduce domestic spending and investment, limiting the budget available for public services.[63] The Thomson Reuters Foundation (2024) argues that these lost funds can contribute to improvements in education in Kenya if they are recovered.[64]

These data are merely estimates, and it is difficult to determine the actual situation of Illicit financial flows. Aziani (2023) states that estimation methods for  Illicit financial flows have limitations in accuracy and practicality. This is because the data used to estimate Illicit financial flows,  such as economic and criminal statistics, are often incomplete and unreliable.  Moreover, it is hard to measure all types of Illicit financial flows due to data availability.  Furthermore, the definitions of IFF, laws, and reporting standards vary across countries and over time, making it difficult to compare internationally.[65]

Historical impacts of cuts to education funding

Structural adjustment programs in Kenya were introduced to promote economic recovery from the recession in the 1970s.  During the first decade after independence, the Kenyan economy flourished. This can be seen in the growth in savings and investment, increased student enrollment, and improvements in people’s health. However, the increase of the oil price and the global economic downturn led to economic difficulties in Kenya, including poverty, disease, fluctuating export prices, and rising debt.  To address these economic challenges, structural adjustment programs were implemented in 1980.[66]

As a part of structural adjustment programs, a cost sharing policy was implemented. This policy aimed to reduce the burden of public education expenditure. As a result, financial responsibility for education shifted from government to household and local authorities.[67]

This policy resulted in several negative impacts including rising non-enrolment rates, grade repetition and dropout rates.[68] Primary school enrollment rates decreased from around 92% in the early 1990s to around 87% in 1999 due to the cost sharing policy and a reduction of household incomes. Additionally, more than half of children enrolled in primary school dropped out before completing the primary school(Abagi, 2000, cited in Pamba, 2012[69]).  Secondary school enrollment rates also declined from 9.1% to 3.2% during the structural adjustment period.[70] Similarly, enrollment in teacher training colleges fell from 21,011 in 1990 to 19,154 in 1992.[71]

Furthermore, the cost sharing policy affected university education. The cost of university education used to be supported by the government. However, the growing demand for university education led to a heavy burden on public finances. As a result, cost sharing policy replaced the previous loan system and ended financial assistance in 1974.[72] A study conducted by Kamau (2005) at the University of Nairobi examined the impact of cost sharing on university students. One hundred students completed a self-administered questionnaire. The study reveals that students engage more in work to generate income for school. This can lead to neglect of their study, and can result in poor academic performance and drop out. Also, the enrollment rate of self-financed university students was higher than that of full-time students who rely on government financial support. This indicates that it became difficult for full-time students to continue their education due to insufficient funding resulting from the cost sharing policy.[73]

References

  1. ↑ UNICEF(n.d.) Education: Providing inclusive and equitable quality education for every child. https://www.unicef.org/kenya/education
  2. ↑ The Kenya National Bureau of Statistics(2025) Poverty and Distributional Impacts of Fiscal Policy in Kenya: A Commitment to Equity Assessment with Extensions to Gender and Children. https://www.knbs.or.ke/reports/poverty-and-distributional-impacts-of-fiscal-policy-in-kenya/
  3. ↑ Rakotomalala, M. Ruddle,N.  Otieno, P.  and Kaburu, (2016) A. Analysis of Kenya’s expenditure in education, future sector cost scenarios and benefits of curriculum reform Final report, Oxford Policy Management Limited https://www.unicef.org/esa/sites/unicef.org.esa/files/2019-05/UNICEF-Kenya-2016-Expenditure-and-Cost-Scenarios-Education-Reform.pdf
  4. ↑ The Kenya National Bureau of Statistics(2025) Poverty and Distributional Impacts of Fiscal Policy in Kenya: A Commitment to Equity Assessment with Extensions to Gender and Children. https://www.knbs.or.ke/reports/poverty-and-distributional-impacts-of-fiscal-policy-in-kenya/
  5. ↑ World Bank Open Data (n.d) https://data.worldbank.org/indicator/SE.XPD.TOTL.GB.ZS
  6. ↑ UNESCO Institute for Statistics Data Browser https://databrowser.uis.unesco.org/view#indicatorPaths=UIS-SDG4Monitoring%3A0%3AXGDP.FSGOV&geoMode=countries&geoUnits=KEN&browsePath=EDUCATION%2FUIS-SDG4Monitoring%2Fgovexp&timeMode=range&view=line&chartMode=multiple&tableIndicatorId=XGDP.FSGOV&chartIndicatorId=XGDP.FSGOV&chartHighlightSeries=&chartHighlightEnabled=true
  7. ↑ The Kenya National Bureau of Statistics(2025) Poverty and Distributional Impacts of Fiscal Policy in Kenya: A Commitment to Equity Assessment with Extensions to Gender and Children. https://www.knbs.or.ke/reports/poverty-and-distributional-impacts-of-fiscal-policy-in-kenya/
  8. ↑ PARLIAMENT OF KENYA (2025) EDUCATION SECTOR GETS LION'S SHARE OF KSH4.239 TRILLION BUDGET AS TREASURY CS UNVEILS 2025/2026 SPENDING PLAN IN PARLIAMENT. https://www.parliament.go.ke/node/24052
  9. ↑ Rakotomalala, M. Ruddle,N.  Otieno, P.  and Kaburu, (2016) A. Analysis of Kenya’s expenditure in education, future sector cost scenarios and benefits of curriculum reform Final report, Oxford Policy Management Limited https://www.unicef.org/esa/sites/unicef.org.esa/files/2019-05/UNICEF-Kenya-2016-Expenditure-and-Cost-Scenarios-Education-Reform.pdf
  10. ↑ JAPAN INTERNATIONAL COOPERATION AGENCY (JICA)  INTERNATIONAL DEVELOPMENT CENTER OF JAPAN INC. (IDCJ) (2012) BASIC EDUCATION SECTOR ANALYSIS REPORT:KENYA. https://openjicareport.jica.go.jp/pdf/12083176.pdf
  11. ↑ Rakotomalala, M. Ruddle,N.  Otieno, P.  and Kaburu, (2016) A. Analysis of Kenya’s expenditure in education, future sector cost scenarios and benefits of curriculum reform Final report, Oxford Policy Management Limited https://www.unicef.org/esa/sites/unicef.org.esa/files/2019-05/UNICEF-Kenya-2016-Expenditure-and-Cost-Scenarios-Education-Reform.pdf
  12. ↑ The Kenya National Bureau of Statistics(2025) Poverty and Distributional Impacts of Fiscal Policy in Kenya: A Commitment to Equity Assessment with Extensions to Gender and Children. https://www.knbs.or.ke/reports/poverty-and-distributional-impacts-of-fiscal-policy-in-kenya/
  13. ↑ Rakotomalala, M. Ruddle, N. Otieno, P. Kaburu, A. (2016) Analysis of Kenya’s expenditure in  education, future sector cost scenarios  and benefits of curriculum reform  Final report https://www.unicef.org/esa/sites/unicef.org.esa/files/2019-05/UNICEF-Kenya-2016-Expenditure-and-Cost-Scenarios-Education-Reform.pdf
  14. ↑ JAPAN INTERNATIONAL COOPERATION AGENCY (JICA)  INTERNATIONAL DEVELOPMENT CENTER OF JAPAN INC. (IDCJ) (2012) BASIC EDUCATION SECTOR ANALYSIS REPORT:KENYA. https://openjicareport.jica.go.jp/pdf/12083176.pdf
  15. ↑ Colclough, C. Webb, A. (2010) The Impact of Aid on Education Policy  in Kenya, Research Consortium on Educational Outcomes and Poverty,  Centre for Education and International Development, University of Cambridge.  https://assets.publishing.service.gov.uk/media/57a08b03e5274a31e00008fa/WP36-CC.pdf
  16. ↑ OECD (n.d.) Data explorer: creditor reporting system https://data-explorer.oecd.org/vis?lc=en&df[ds]=DcdDisseminateFinalDMZ&df[id]=DSD_CRS%40DF_CRS&df[ag]=OECD.DCD.FSD&dq=DAC..1000.100._T._T.D.Q._T..&lom=LASTNPERIODS&lo=5&to[TIME_PERIOD]=false
  17. ↑ UNESCO (2025) Aid to education: Time for tough decisions, Global Education Monitoring Report: policy paper 50, 50(69). https://doi.org/10.54676/UYML4245
  18. ↑ OECD (n.d.) Data explorer: creditor reporting system https://data-explorer.oecd.org/vis?lc=en&df[ds]=DcdDisseminateFinalDMZ&df[id]=DSD_CRS%40DF_CRS&df[ag]=OECD.DCD.FSD&dq=DAC..1000.100._T._T.D.Q._T..&lom=LASTNPERIODS&lo=5&to[TIME_PERIOD]=false
  19. ↑ UNESCO (2025) Aid to education: Time for tough decisions, Global Education Monitoring Report: policy paper 50, 50(69).https://doi.org/10.54676/UYML4245
  20. ↑ OECD (n.d.) Data explorer: creditor reporting system https://data-explorer.oecd.org/vis?lc=en&df[ds]=DcdDisseminateFinalDMZ&df[id]=DSD_CRS%40DF_CRS&df[ag]=OECD.DCD.FSD&dq=DAC..1000.100._T._T.D.Q._T..&lom=LASTNPERIODS&lo=5&to[TIME_PERIOD]=false
  21. ↑ UNICEF (2026) European Union marks connection of 363 schools to Internet under Kenya Last Mile Connectivity project. https://www.unicef.org/kenya/press-releases/european-union-marks-connection-363-schools-internet-under-kenya-last-mile
  22. ↑ European commission (2014) Evaluation of the European  Union’s Co-operation with  Kenya, Development and Cooperation EuropeAid. https://www.oecd.org/content/dam/oecd/en/toolkits/derec/evaluation-reports/derec/ec/Evaluation-of-the-European-Union-Cooperation-with-Kenya-Vol1%20.pdf
  23. ↑ African development bank group (2025)Kenya - Support To Higher Education Science and Technology Project Phase II https://www.afdb.org/en/documents/kenya-support-higher-education-science-and-technology-project-phase-ii
  24. ↑ Brown, S. (2001) Authoritarian leaders and multiparty elections in Africa: How foreign donors help to keep Kenya's Daniel arap Moi in power, Third World Quarterly, pp. 22(5), 725-739. 10.1080/01436590120084575
  25. ↑ Colclough, C. Webb, A. (2010) The Impact of Aid on Education Policy  in Kenya, Research Consortium on Educational Outcomes and Poverty,  Centre for Education and International Development, University of Cambridge.  https://assets.publishing.service.gov.uk/media/57a08b03e5274a31e00008fa/WP36-CC.pdf
  26. ↑ United Nations (2003) UNICEF contributes $2.5 million to support free primary education in Kenya. https://news.un.org/en/story/2003/01/56502
  27. ↑ World Bank (2010) Development Partners Demand Prosecution For Theft Of Education Funds. https://www.worldbank.org/en/news/press-release/2010/12/15/development-partners-demand-prosecution-theft-education-funds
  28. ↑ JAPAN INTERNATIONAL COOPERATION AGENCY (JICA)  INTERNATIONAL DEVELOPMENT CENTER OF JAPAN INC. (IDCJ) (2012) BASIC EDUCATION SECTOR ANALYSIS REPORT:KENYA. https://openjicareport.jica.go.jp/pdf/12083176.pdf
  29. ↑ International Monetary Fund (2024)  African Dept. "Kenya: Seventh and Eighth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements, Requests for Reduction of Access, Augmentation and Rephasing of Access Under the Arrangements, Modifications of Performance Criteria, Waiver of Nonobservance of Performance Criteria, and Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Kenya", IMF Staff Country Reports 2024. https://doi.org/10.5089/9798400291067.002
  30. ↑ MFMOD Database, World Bank WDI and Haver Analytics databases, IMF ( n.d.) KENYA https://thedocs.worldbank.org/en/doc/b3502c65235d8c72aef5f34d87ed6298-0500062021/related/data-ken.pdf
  31. ↑ International Monetary Fund (2024)  African Dept. "Kenya: Seventh and Eighth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements, Requests for Reduction of Access, Augmentation and Rephasing of Access Under the Arrangements, Modifications of Performance Criteria, Waiver of Nonobservance of Performance Criteria, and Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Kenya", IMF Staff Country Reports 2024. https://doi.org/10.5089/9798400291067.002
  32. ↑ Tax Justice Network Africa (2022) The Role of Private Creditors in Kenya’s Public Debt Problem https://www.taxjusticeafrica.net/sites/default/files/publications/TJNA%2520Report%25201_The%2520Role%2520of%2520Private%2520Creditors%2520in%2520Kenya%25E2%2580%2599s%2520Public%2520Debt%2520Problem_ENG_15.08.2023_1.pdf
  33. ↑ Tax Justice Network Africa (2022) The Role of Private Creditors in Kenya’s Public  Debt Problem https://www.taxjusticeafrica.net/sites/default/files/publications/TJNA%2520Report%25201_The%2520Role%2520of%2520Private%2520Creditors%2520in%2520Kenya%25E2%2580%2599s%2520Public%2520Debt%2520Problem_ENG_15.08.2023_1.pdf
  34. ↑ THE NATIONAL TREASURY (2026) PUBLIC DEBT BULLETIN  January 2026 https://www.treasury.go.ke/sites/default/files/Debt%20Monthly%20Bulletins/January%202026%20Monthly%20Bulletin_0.pdf
  35. ↑ The National Treasury and Economic Planning (2025) ANNUAL PUBLIC DEBT MANAGEMENT REPORT  2024/2025 https://www.treasury.go.ke/sites/default/files/Annual-Public-Debt-Report-2024-2025.pdf
  36. ↑ UNCTAD (2023) Regional stories: Africa. https://unctad.org/publication/world-of-debt/regional-stories#section1
  37. ↑ Tax Justice Network Africa (2022) The Role of Private Creditors in Kenya’s Public  Debt Problem https://www.taxjusticeafrica.net/sites/default/files/publications/TJNA%2520Report%25201_The%2520Role%2520of%2520Private%2520Creditors%2520in%2520Kenya%25E2%2580%2599s%2520Public%2520Debt%2520Problem_ENG_15.08.2023_1.pdf
  38. ↑ Oxfam (2021) IMPACT OF DEBT SERVICING ON  SOCIAL SPENDING AND WELL BEING  OF LOW-INCOME HOUSEHOLDS IN  KENYA https://oi-files-cng-v2-prod.s3.eu-west-2.amazonaws.com/kenya.oxfam.org/s3fs-public/file_attachments/DEBT%20SERVICE%20N%20SOCIAL%20SPENDING%20gogo.pdf
  39. ↑ Oxfam (2021) IMPACT OF DEBT SERVICING ON  SOCIAL SPENDING AND WELL BEING  OF LOW-INCOME HOUSEHOLDS IN  KENYA https://oi-files-cng-v2-prod.s3.eu-west-2.amazonaws.com/kenya.oxfam.org/s3fs-public/file_attachments/DEBT%20SERVICE%20N%20SOCIAL%20SPENDING%20gogo.pdf
  40. ↑ Tax Justice Network Africa (2022) The Role of Private Creditors in Kenya’s Public  Debt Problem https://www.taxjusticeafrica.net/sites/default/files/publications/TJNA%2520Report%25201_The%2520Role%2520of%2520Private%2520Creditors%2520in%2520Kenya%25E2%2580%2599s%2520Public%2520Debt%2520Problem_ENG_15.08.2023_1.pdf
  41. ↑ Oxfam (2021) IMPACT OF DEBT SERVICING ON  SOCIAL SPENDING AND WELL BEING  OF LOW-INCOME HOUSEHOLDS IN  KENYA https://oi-files-cng-v2-prod.s3.eu-west-2.amazonaws.com/kenya.oxfam.org/s3fs-public/file_attachments/DEBT%20SERVICE%20N%20SOCIAL%20SPENDING%20gogo.pdf
  42. ↑ Tax Justice Network Africa (2022) The Role of Private Creditors in Kenya’s Public  Debt Problem https://www.taxjusticeafrica.net/sites/default/files/publications/TJNA%2520Report%25201_The%2520Role%2520of%2520Private%2520Creditors%2520in%2520Kenya%25E2%2580%2599s%2520Public%2520Debt%2520Problem_ENG_15.08.2023_1.pdf
  43. ↑ UN Trade and Development (2025) “A World of Debt” Dashboard. https://unctad.org/publication/world-of-debt/dashboard
  44. ↑ International Monetary Fund (2025) Kenya: History of Lending Commitments as of June 30, 2025. https://www.imf.org/external/np/fin/tad/extarr2.aspx?memberKey1=540&date1key=2025-06-30
  45. ↑ International Monetary Fund (2025) Kenya: History of Lending Commitments as of June 30, 2025. https://www.imf.org/external/np/fin/tad/extarr2.aspx?memberKey1=540&date1key=2025-06-30
  46. ↑ International Monetary Fund (n.d.a) The Extended Credit Facility (ECF) https://www.imf.org/en/about/factsheets/sheets/2023/extended-credit-facility-ecf
  47. ↑ World Bank Group (n.d.) Kenya: World Bank Lending. https://ida.worldbank.org/en/financing/debt/country/kenya
  48. ↑ International Monetary Fund (n.d.b) IMF Conditionality. https://www.imf.org/en/about/factsheets/sheets/2023/imf-conditionality
  49. ↑ International Monetary Fund. (2024) African Dept. "Kenya: Seventh and Eighth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements, Requests for Reduction of Access, Augmentation and Rephasing of Access Under the Arrangements, Modifications of Performance Criteria, Waiver of Nonobservance of Performance Criteria, and Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Kenya", IMF Staff Country Reports 2024, 316. https://doi.org/10.5089/9798400291067.002
  50. ↑ The World Bank Group (2024) INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND INTERNATIONAL DEVELOPMENT ASSOCIATION PROGRAM DOCUMENT FOR A PROPOSED LOAN IN THE AMOUNT OF US$850 MILLION AND A PROPOSED CREDIT IN THE AMOUNT OF EUR 278.2 MILLION (US$300 MILLION EQUIVALENT) AND A PROPOSED IDA GRANT IN THE AMOUNT OF SDR 37.8 MILLION (US$50 MILLION EQUIVALENT) FROM THE WINDOW FOR HOST COMMUNITIES AND REFUGEES TO THE REPUBLIC OF KENYA FOR THE FIRST KENYA FISCAL SUSTAINABILITY AND RESILIENT GROWTH DEVELOPMENT POLICY OPERATION https://documents1.worldbank.org/curated/en/099051024124017759/pdf/BOSIB16a082b920f01a7d716ba632b9d0b6.pdf
  51. ↑ Gupta, S., Schena, M., & Yousefi, S. R. (2020). Revisiting IMF expenditure conditionality. Applied Economics, 52(58), 6338–6359. https://doi.org/10.1080/00036846.2020.1790494
  52. ↑ Stubbs, T., Reinsberg, B., Kentikelenis, A. and King, L.  (2020) How to evaluate the effects of IMF conditionality. Rev Int Organ 15, 29–73. https://doi.org/10.1007/s11558-018-9332-5
  53. ↑ OECD (2014), Illicit Financial Flows from Developing Countries: Measuring OECD Responses, OECD Publishing.  http://dx.doi.org/10.1787/9789264203501-en
  54. ↑ Baker, R. W. 2005. “Capitalism’s Achilles Heel: Dirty Money and How to Renew the Free-Market System.” Hoboken: John Wiley & Sons.
  55. ↑ Collin, Matthew (2020) Illicit Financial Flows: Concepts, Measurement, and Evidence, The World Bank Research Observer, 35(1), Pages 44–86, https://doi.org/10.1093/wbro/lkz007
  56. ↑ Collin, Matthew (2020) Illicit Financial Flows: Concepts, Measurement, and Evidence, The World Bank Research Observer, 35(1), Pages 44–86, https://doi.org/10.1093/wbro/lkz007
  57. ↑ OECD (2014), Illicit Financial Flows from Developing Countries: Measuring OECD Responses, OECD Publishing.  http://dx.doi.org/10.1787/9789264203501-en
  58. ↑ "Illicit Financial Flows". Global Financial Integrity. Retrieved 2026-05-16.
  59. ↑ Letete, Emmanuel and Sarr, Mare (2017) Illicit Financial Flows and Political Institutions in Kenya, African Development Bank group https://www.afdb.org/sites/default/files/documents/publications/wps_no_275_illicit_financial_flows_and_political_institutions_in_kenya_.pdf
  60. ↑ The Thomson Reuters Foundation (2024) Illicit Financial Flows in Kenya, Ghana, and Tanzania: Understanding the Law and Opportunities for Reform https://www.trust.org/wp-content/uploads/2024/09/downloaded_file-164.pdf
  61. ↑ Tax Justice Network (n.d.) Country profile: Kenya https://taxjustice.net/country-profiles/kenya/
  62. ↑ Turner, G. (2017). New Estimates Reveal the Extent of Tax Avoidance by Multinationals. Tax Justice Network. https://taxjustice.net/2017/03/22/new-estimates-tax-avoidance-multinationals/
  63. ↑ OECD (2014), Illicit Financial Flows from Developing Countries: Measuring OECD Responses, OECD Publishing.  http://dx.doi.org/10.1787/9789264203501-en
  64. ↑ The Thomson Reuters Foundation (2024) Illicit Financial Flows in Kenya, Ghana, and Tanzania: Understanding the Law and Opportunities for Reform https://www.trust.org/wp-content/uploads/2024/09/downloaded_file-164.pdf
  65. ↑ Aziani, Alberto (2023)  Illicit Financial Flows: A  Contested Concept and a  Challenging Measurement, CrimRxiv. https://www.crimrxiv.com/pub/8u6vn718/release/1
  66. ↑ Rono, J, Kipkemboi(2002) The impact of the structural adjustment programmes on Kenyan society,  Journal of social development in Africa, 17 (1) https://n2t.net/ark:/85335/m56t0kz71
  67. ↑ Pamba, edmond (2012) “An analysis of the impact of structural adjustment programmes on education, in Sub-Saharan Africa: a case study of Kenya (1980-2010).” https://erepository.uonbi.ac.ke/server/api/core/bitstreams/50b8d55c-79b0-49aa-99ed-79ff1b0df1a8/content
  68. ↑ Pamba, edmond (2012) An analysis of the impact of structural adjustment programmes on education, in Sub-Saharan Africa: a case study of Kenya (1980-2010). https://erepository.uonbi.ac.ke/server/api/core/bitstreams/50b8d55c-79b0-49aa-99ed-79ff1b0df1a8/content
  69. ↑ Pamba, edmond (2012) An analysis of the impact of structural adjustment programmes on education, in Sub-Saharan Africa: a case study of Kenya (1980-2010). https://erepository.uonbi.ac.ke/server/api/core/bitstreams/50b8d55c-79b0-49aa-99ed-79ff1b0df1a8/content
  70. ↑ Edward A. Oyugui; David Kigozi; Oduor On'gwen. (n.d.) Social Watch Structural adjustment and public social spending. https://www2024.socialwatch.org/node/10596
  71. ↑ Edward A. Oyugui; David Kigozi; Oduor On'gwen. (n.d.) Social Watch Structural adjustment and public social spending https://www2024.socialwatch.org/node/10596
  72. ↑ Kamau, G.J. (2005). The effect of structural adjustment programmes on the university education sector in Kenya. https://www.semanticscholar.org/paper/The-effect-of-structural-adjustment-programmes-on-Kamau/3d58615c5a0cbe6fcec6372dba8355bc445f7df4
  73. ↑ Kamau, G.J. (2005). The effect of structural adjustment programmes on the university education sector in Kenya. https://www.semanticscholar.org/paper/The-effect-of-structural-adjustment-programmes-on-Kamau/3d58615c5a0cbe6fcec6372dba8355bc445f7df4


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