In yet another loan, Kenya’s government will benefit from $1 billion from the World Bank in budget support, being the biggest financing package yet for the East African economy, according to Treasury Secretary Ukur Yatani.
This comes just a few weeks after Kenya benefited from $739 million International Monetary Fund loan announced earlier this month in emergency support.
According to Bloomberg.com Kenya has plans to spend 53.7 billion shillings ($503 million) on a stimulus package to support businesses hit by the pandemic, which the Treasury says won’t affect its budget deficit. The financing gap is seen narrowing to 7.3% of gross domestic product in 2020-21 from an estimated 8.2% in the year through June.
Whether the money will go to the right use remains to be the question Kenyans having complained of corruption that seems not to go away. This said, there is such a need to channel every coin to the needy especially after the effects of COVID-19 followed by floods and demolitions that were carried out by the government in it efforts to repossess public property.