in ,

Kenya Seeking Ksh115 Billion Loan To Bail Out The Economy

CBK Governor Dr Patrick Njoroge. [PHOTO/ COURTESY]

Kenya is seeking a Ksh115 billion loan from the World Bank and the International Monetary Fund (IMF) in a bid to bail out the ailing economy from the effects of Coronavirus (Covid-19) pandemic.

Central Bank of Kenya (CBK) governor Dr Patrick Njoroge announced the move on Tuesday, saying that the government had appealed to Bretton Woods institutions for the rescue package, in the form of budget support.

The government is expecting the first batch of Ksh5 billion by the end of April, which will go directly to the Ministry of Health.

“The request has already been sent in and so we expect something in the order of $50 million dollars (Sh5 billion) in the very near term,” Dr Njoroge said.

The National Treasury is also working with the IMF for another Ksh35 billion emergency assistance.

Read: Kenyan Shilling Down To A Seven-Month Low Over Coronavirus Pandemic

“This is assistance that does not have the conditionalities of programmes. This is emergency assistance and it is directed to emergencies. It may be something in the order of $350million (Ksh35billion) and a lot of this could be directed to budget support,” the governor said.

The government is expecting to get Ksh75 billion from the World Bank in the context of its Development Policy Operation (DPO). A DPO could come in form of a loan, a grant or credit.

Currently, Kenya has a total of 25 cases of confirmed coronavirus cases, with the government tracing hundreds of other people who interacted with those who tested positive.

Email your news TIPS to news@kahawatungu.com or WhatsApp +254708677607. You can also find us on Telegram through www.t.me/kahawatungu

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

British Airways Increases Flights From Nairobi To Evacuate UK Nationals Ahead Of Airspace Closure

Importation Of Second Hand Clothes Suspended Amid Covid-19 Menace