Introduction

Abstract

No AccessOct 2022IntroductionAuthors/Editors: Mihaly Kopanyi, Abdu MuwongeMihaly KopanyiSearch for more papers by this author, Abdu MuwongeSearch for more papers by this authorhttps://doi.org/10.1596/978-1-4648-1880-6_introAboutView ChaptersFull TextPDF (0.5 MB) ToolsAdd to favoritesDownload CitationsTrack Citations ShareFacebookTwitterLinked In Abstract: Suggests that public assets form the largest part of the national wealth in many countries, and local governments often possess the single largest body of wealth in their jurisdiction. The state of Kenya’s asset management underscores, with specific examples, the reality that modern asset and liability management not only proves an urgent need but also applies in Kenya and in many developing countries. The COVID-19 global pandemic has had unprecedented negative impacts on cities and citizens’ livelihood, as well as on economic performance, health, education, and all sorts of life factors, and has challenged the management and financial capacities of national and local governments alike. Kenya started a big-bang devolution in March 2013, when it dissolved more than 1,500 former local entities and formed 47 counties with elected local governments. The country has achieved significant results on the bumpy road of devolution and the transfer of assets and liabilities to the devolved county governments (local governments). ReferencesBolva, Elva, Robert Dippelsman, Kara Rideout, and Andrea Schaechter. 2013. “Another Look at Governments’ Balance Sheets: The Role of Nonfinancial Assets,” IMF Working Paper WP/13/95. International Monetary Fund, Washington, DC. Google ScholarDetter, D and S Fölster. 2015. The Public Wealth of Nations—How Management of Public Assets Can Boost Economic Growth. 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Urban Areas and Cities Act, no. 13 of 2011. http://www.parliament.go.ke/sites/default/files/2017-05/UrbanAreasandCitiesAct_No13of2011.pdf. Google ScholarUN (United Nations). 2021. Managing Infrastructure Assets for Sustainable Development: A Handbook for Local and National Governments. New York, United Nations. https://www.un-ilibrary.org/content/books/9789210051880. Google Scholar Previous chapterNext chapter FiguresreferencesRecommendeddetails View Published: October 2022ISBN: 978-1-4648-1880-6 Copyright & Permissions Related CountriesKenyaRelated TopicsFinance and Financial Sector DevelopmentGovernance KeywordsNATIONAL WEALTHASSET MANAGEMENTASSET-LIABILITY MANAGEMENTALMCOVID-19 ECONOMIC IMPACTDEVOLUTION OF AUTHORITYLOCAL GOVERNMENTSUBNATIONAL GOVERNMENTSPUBLIC FINANCE PDF DownloadLoading ...