The World Bank has approved a Sh106.8b loan to assist Kenya in covering the deficit and handle the economic shocks from the covid -19 pandemic.
National Treasury Cabinet Secretary Ukur Yatani lauded the gesture as a vote of confidence while kenya struggles to keep the economy afloat and at the same time curb the spread of covid-19.
The loan was initiated before the pandemic and is the second ever such direct lending for the budget from the World Bank. The first direct lending was processed last year.
The CS also wrote on twitter that world-bank-group does not provide budget support to countries with a weak macro framework.
The terms of the loan were not given a senior official at the finance ministry told said in january that the loan would be “fairly priced”. It comes only two weeks after the IMF approved $739 million in emergency financing, a move which has greatly helped the shilling currency wrestle foreign currencies.
