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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.

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email

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