Tuesday, November 21, 2023 – President William Ruto has borrowed another Ksh2.4 trillion from the World Bank and the International Monetary Fund.
In a statement after hobnobbing with World Bank President Ajay Banga in Germany yesterday, Ruto detailed how he will use the trillions.
According to Ruto, he will use the Ksh1.8 trillion World Bank advance and Ksh687 billion from the IMF to improve the lives of Kenyans.
The Head of state specifically indicated that the funds will be used to tame inflation which had seen the cost-of-living increase.
He further noted that part of the advance, likely to hit the state’s bank accounts over a 3-year stretch, will also be used to cover buffers as well as debt vulnerabilities.
“Kenya is indebted to the financial and technical support that the World Bank — and the International Monetary Fund — continue to extend to us.
“We are especially grateful to the Institutions for their latest assistance — Ksh1.8 trillion and Ksh687 billion, respectively — which will rebuild our buffers, tame inflation and debt vulnerabilities,” Ruto explained how he will allocate the joint Ksh2.4 trillion loan.
“This support will help Kenya withstand shocks, accelerate the Bottom-Up Economic Transformation Agenda, and advance our long-term, robust and inclusive growth.”
This comes as Kenyans feel cheated after Ruto vowed never to burden Kenyans with more loans again during his campaigns in the run-up to the 2022 general elections.
The Kenyan DAILY POST