Jaiz Bank’s nine-month profit edges up 1.8% as financing income offsets rising costs
Jaiz Bank Plc reported a 1.8 per cent increase in profit after tax to N23.28 billion for the nine months read more Jaiz Bank’s nine-month profit edges up 1.8% as financing income offsets rising costs
Nairobi, Kenya - Corruption is draining Kenya of 1.2 to 4 percent of its Gross Domestic Product (GDP) each year through bribery, fraudulent schemes and inflated public procurement, according to the World Bank. The lender's latest Kenya Economic Update warns that corruption is straining public finances by shrinking government revenue, raising spending and weakening the provision of public services.
The report compiles data from the Ethics and Anti-Corruption Commission (EACC), Auditor-General reports, court cases and other studies to gauge the economic damage caused by corruption. Estimates put annual losses due to bribery, fraudulent schemes and inflated public procurement at between 1.2 and 4 percent of GDP. The World Bank contends that stronger enforcement, transparent public procurement and better revenue administration are essential to slashing corruption-related losses and freeing up fiscal resources for development spending.
Written by urgent.news from Capital Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Corruption costs Kenya up to 4pc of GDP annually, World Bank says capitalfm.africa
