Nairobi, Feb. 3 -- By restoring payment discipline and clearing Sh526 billion in pending bills, Kenya may be activating one of the most powerful-and least costly-levers for SME growth, job creation and financial-sector stability.

Recent Treasury actions, including the clearance of Sh123 billion in verified arrears and a planned Sh175 billion bond to settle outstanding bills, have drawn attention to infrastructure suppliers.

However, the most far-reaching effects are likely to be felt in manufacturing and trade. These sectors sit at the heart of Kenya's employment base, domestic value chains and regional commerce. They are also the most exposed to delayed payments, thin margins and high working-capital demands.

The Central Bank of Kenya...