Kenya Receives Sh53 Billion Boost from World Bank for Economic Recovery
The World Bank has approved the first of three budget support packages for Kenya worth Sh158 billion ($1.4 billion). The funds are intended to aid the country’s economic recovery from the COVID-19 pandemic and support its development goals.
According to a statement from the World Bank, the funds will be disbursed in three tranches, with the first tranche of Sh53 billion ($478 million) being released immediately. The remaining tranches will be released upon Kenya meeting specific policy and reform measures.
“This budget support operation is the first in a series of three planned operations that will support the government’s efforts to implement its development agenda as outlined in the Kenya Vision 2030,” said World Bank Country Director for Kenya Lydia Ponde.
“The funds will help the government to invest in key areas such as healthcare, education, and social protection, as well as to support economic recovery efforts,” Ponde added.
The Kenyan government welcomed the approval of the budget support package. “We are grateful to the World Bank for its continued support for Kenya’s development agenda,” said Treasury Cabinet Secretary Ukur Yatani.
“These funds will be critical in helping us to achieve our economic and social development goals,” Yatani added.
The approval of the budget support package comes as Kenya is grappling with the economic effects of the COVID-19 pandemic. The pandemic has led to a decline in economic growth, job losses, and an increase in poverty.
The World Bank’s budget support package is expected to help Kenya to mitigate the effects of the pandemic and to get its economy back on track.
