Tuesday, November 21, 2023 – The World Bank has disclosed that President William Ruto, through Treasury Cabinet Secretary, Prof Njuguna Ndungu, has requested a Sh 1.8 trillion loan from the Bretton Woods institution
The loan, according to the bank, is expected to be disbursed over the next three years beginning July 2024, in what it says will support the journey to become an “upper-middle-income country by 2030”.
However, the actualization of this comprehensive financial package is contingent upon the approval of new operations by the World Bank Executive Directors and the consideration of factors that may impact the bank’s lending capacity.
Kenya has been actively securing extra funding from development partners, the IMF, and other commercial sources while intensifying endeavours to improve macroeconomic policies and enact structural reforms.
The big worry to Kenyans is that these loans and concession funds end up in some few leaders’ pockets instead of serving their intended purpose.
The Kenyan DAILY POST
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