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World Bank approves Sh106 billion loan to Kenya

Grant comes just a week after IMF gave Kenya a Sh79 billion Rapid Credit Facility.

In Summary

• The move is likely to strengthen the country's dwindling foreign reserve and support weak shilling.

• Treasury CS Ukur Yatani said the World Bank has confidence with Kenya's new policy reforms.

National Treasury Cabinet Secretary Ukur Yatani.
National Treasury Cabinet Secretary Ukur Yatani.
Image: FILE

World Bank has approved a $1 billion (Sh106 billion) soft loan to Kenya/

The move is likely to strengthen the country's dwindling foreign reserve and support weak shilling.

The grant is coming just a week after IMF gave Kenya $739 million (Sh79 billion) Rapid Credit Facility to help the country international cover the balance of payments shortfalls this year.

"The fact that World Bank does not provide budget support to countries with weak Macro framework is a testimony of the confidence levels of the bank in our new policy reforms," Treasury CS Ukur Yatani tweeted.

More to follow...