Kenya revived plans to merge the functions of three financial industry regulatory bodies to remove overlaps and duplication, Prime Cabinet Secretary Musalia Mudavadi said.

The East African nation is working on a plan to combine the Capital Markets Authority, the Insurance Regulatory Authority and the Saccos Societies Regulatory Authority, Mudavadi said in a statement dated April 11.

“Tough decisions will have to be taken to give effect to the merging of certain regulators,” he said. “Consolidating their functions under a unified framework would undoubtedly enhance their collective impact and streamline regulatory processes.”

Kenya’s cabinet in 2017 approved a draft law to merge four finance regulators including the body responsible for pension funds, but the plan fell through. Reforming State-owned agencies — including regulatory bodies — is a key pillar of Kenya’s $4.4-billion International Monetary Fund-backed loan programme, which seeks to address the nation’s debt vulnerabilities.

The planned merger of regulatory bodies will extend to a number of other sectors, including quality control, intellectual property and aviation, according to Mudavadi. It will include the Kenya Bureau of Standards, the National Environment Management Authority and the Department of Weights and Measures.

There’s also scope to merge the Kenya Civil Aviation Authority and the Kenya Airports Authority “where there is often a duplication of efforts and conflicting directives,” he said.