The ICPC has asked the IMF, the World Bank, and other international lenders to immediately stop assisting Kenya pending an audit of the current state of debt.
It ranks behind South Africa with an index score of 0.45. South Africa scored 0.5.
In January this year, the IMF granted Kenya a new loan of more than $941 million (Sh121.9 billion) to help reinforce Kenya's finances.
While economic recovery is expected to gain momentum going forward, the IMF noted that it faced headwinds from an "unfavourable global economic environment."
The new borrowing target represents an increase from the previously stated Sh514.7 billion deficit that Prof Ndung’u had presented to the National Assembly.
Kenya managed to sell a new $1.5 billion Eurobond in February from international markets, albeit at a steep price, and partly paid the loan.
As Africa pursues economic growth, key issues include borrowing to finance key projects, as loans and other plans have left many countries struggling to repay heavy debts.
The nation has seen a substantial increase in agricultural productivity over the last nine months, with an additional harvest of one billion kgs of major crops compared to the same period in the previous fiscal year.
The IMF action, repeatedly postponed and eagerly awaited by the Egyptian government, arrives at a time of mounting difficulties for its economy.
Treasury Cabinet Secretary Njuguna Ndung'u argues for a more equitable sharing of tax responsibilities among citizens.
Inflation rates exceeded 50 per cent in 2022, and the stable West African country accepted a $3 billion International Monetary Fund (IMF) bailout after the Ghanaian cedi lost half of its value.
Amid a severe foreign currency crunch, the US dollar has become hard to come by as the Egyptian pound is plunging and inflation is surging at 35 per cent.
In a new report, the Institute of Public Finance (IPF) says that despite cutting budgets to control government spending, high public debt service costs still put the country on the brink of debt distress.
The money, under the Hunger Safety Net Programme (HSNP), is for the arid and semi-arid counties of Turkana, Wajir, Mandera, Marsabit, Garissa, Tana River, Isiolo and Samburu.
This remarkable figure reflects a four per cent increase compared to the previous year.
This announcement follows the IMF's recent approval of a Sh110.8 billion disbursement to Kenya.
Kenya admitted that the agreement was creating distortions in the foreign exchange market.
The Executive Board sign-off brings the IMF's total funding commitment to Kenya under all three facilities to more than $4.4 billion.
The new arrangement comes as Somalia emerges from the shackles of crippling debt under the Heavily Indebted Poor Countries (HIPC) Initiative, completed on December 13.
