According to the latest International Monetary Fund (IMF) report, Kenya spent approximately 250 billion shillings by the end of last year to fight the social-economic pressures of Covid-19.
The summary of the country’s fiscal measures in response to the Covid-19 pandemic as compiled by IMF shows that the country spent $2.3 billion on non-health measures and $100 million on healthcare.
The amount was the second-highest amongst low middle income earning countries, with Nigeria topping the chart, having spent a total of $6.4 billion or 1.5 percent of its gross domestic product.
The Covid-19 Fund committee chaired by the East African Breweries Limited MD Jane Karuku received billions of funds and donations from corporates, government agencies, and individuals for the emergency kitty to help in containing the spread, effects, and impact of the virus.
The initiative sought to support the government’s efforts in the supply of medical facilities and equipment and support for vulnerable communities with immediate needs, including food.
The country also received sizeable credit from international partners to help mitigate the economic pressures of the virus. According to the IMF, The global fiscal support reached nearly $14 trillion as of end-December 2020, up by about $2.2 trillion since October 2020.
It comprises $7.8 trillion in additional spending or (to a lesser extent) measures to forgo revenues and $6 trillion in guarantees, loans, and equity injections. The IMF report adds that most countries will need to do more with less, considering the increasingly tight budget constraints despite spending much to fight the pandemic.