World Bank approves 1 billion dollars loan to support Kenya’s budget deficit

The World Bank has approved a1 billion dollars loan to support Kenya's budget deficit, we learned. Talks for this disbursement was made in January 2020, according to a news report by 'Ecofinagency'.

The resources come at the right time when the country, like many others, needs money to curb the propagation of coronavirus and control its impacts. The World Bank and the Kenyan government have not provided details on the terms of this loan.

Kenya has already received 750 million dollars from the International Monetary Fund, as part of the fight against the pandemic. In addition to two additional deals of 150 million dollars signed earlier this year, the Bretton Woods Institutions have provided a total of 1.9 billion dollars to Kenya.

This represents nearly 80 percent of the government's foreign exchange needs throughout 2020 and allows the country to start its fiscal year 2020-21 without having to consider borrowing foreign exchange on the international capital market.

The country has prepared a post-COVID-19 recovery plan valued at 503 million dollars.

The country has so far recorded more than 1000 cases od coronavirus. According to Health Cabinet Secretary, Mutahi Kagwe, the fresh COVID-19 confirmed cases have now pushed the total number of infections in the country to 1,029.