World Banks Approval
World Bank Board has approved the disbursement of a Ksh. 106.7billion ($1 billion) loan to Kenya from its Development Program Operations (DPO) kitty.
Confirming the new loan, Treasury CS Ukur Yatani said the newly acquired funds will be channelled towards budgetary support.
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“World Bank Board gives full approval to Kenya’s DPO of $1 billion. This is the largest DPO we’ve ever received. The fact that it 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,” he said in a tweet.
WB Board gives full approval to Kenya’s DPO of USD 1Billion. This is the largest DPO we’ve ever received. The fact that WB 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.
— Amb. Ukur Yatani™- EGH 🇰🇪 (@BaloziYatani) May 20, 2020
The new facility from the multilateral lender features as direct support to government expenditures unlike program loans which are usually attached to specific terms and conditions.
This is Kenya’s largest windfall from the World Bank’s DPO facility on record and aligns to the National Treasury target of replacing its appetite for external commercial loans with cheaper concessional debt sources
Last year, the World Bank made a similar disbursement to the exchequer to the tune of Ksh. 80billion.
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