The World Bank has approved a soft loan of 106 billion shillings for Kenya to help strengthen the country’s dwindling foreign reserves as well as uplifting the weakening shilling.
“The fact that World Bank does not provide budget support to countries with weak Macro framework is a testimony of the confidence levels of the bank in our new policy reforms,” Treasury CS Ukur Yatani said in a tweet after the World Bank made the announcement.
The loan from the World Bank comes a week after the International Monetary Fund (IMF) gave Kenya Rapid Credit Facility loan of 79 billion shillings to help the country sustain the economy during the fight against Covid-19.
More to follow.