Kenya to secure a loan of Ksh 97 billion from the World Bank,
Does Kenya ever learn? Currently, discussions are underway with the World Bank where Kenya is aiming to secure a $750 million loan, approximately Kshs 97 million, Reuters report”.
An extra $200 million equivalent to approximately Kshs 26 billion at present rates will be acquired from (AIDB) Africa Development Bank. The director of the general Treasury’s public department management Rafael Owino has verified this information.
Owino mentioned that the World Bank is joining the effort, embracing the support of IMF funds. On 30th October, the IMF finalized the economic assessment of Kenya to determine the country’s economic growth and strength on whether it’s higher than the regional average.Verification has been done by a representative from the World Bank publicizing the ongoing discussions. The funding will be provided through a( DPO) Development Policy Operations. in collaborations with the government.
Presently Kenya established the foreign borrowing goal of close to Kshs 168 billion for the financial year 2024 to 2025. The delays from IMF to release Kshs 78 million loan compounded with the urgent situation at hand that is prompting Kenya to borrow more cash. The need for fresh loans arrives amidst the country facing pressing urge for funding after the setback financial bill 2024 which Kshs totaled over Kshs 346 billion in the bill’s substantial taxation which triggered nationwide protests.
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