Kenya gets $1 billion financing from World Bank

The World Bank will lend Kenya’s government $1 billion in budget support, its biggest financing package yet for the East African economy, according to Treasury Secretary Ukur Yatani.

"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," Yatani said on Twitter.

The lending comes on the heels of a $739 million International Monetary Fund loan announced earlier this month in emergency support. Kenya has confirmed 963 Covid-19 infections.

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.

ZAR/USD
16.97
(+0.36)
ZAR/GBP
21.20
(+0.22)
ZAR/EUR
19.19
(-0.20)
ZAR/AUD
11.84
(-0.04)
ZAR/JPY
0.16
(+0.14)
Gold
1784.58
(+0.54)
Silver
18.27
(+1.50)
Platinum
821.00
(+1.54)
Brent Crude
42.85
(0.00)
Palladium
1931.00
(+1.04)
All Share
54846.28
(+0.60)
Top 40
50503.91
(+0.65)
Financial 15
10134.53
(-0.15)
Industrial 25
76434.98
(-0.16)
Resource 10
51142.00
(+2.00)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1651 votes
I am taking a hit, but should be able to recover in the next year
23% - 2174 votes
My finances have been devastated
34% - 3223 votes
It's still too early to know what the full effect will be
25% - 2346 votes
Vote