Business

World Bank approves Sh156.3 billion budget support for Kenya

By |

The funding package aims to also create a more competitive labour market and strengthen the country's efforts to combat the impact of climate change, the bank said.

The World Bank on Thursday approved the first of three budget support packages for Kenya worth $1.2 billion ( Sh156.3 billion), to help the East African country address short-term fiscal pressures and accelerate green policies.

The funding had been agreed amid an improved macroeconomic environment following government efforts to address liquidity pressures, depressed investor confidence and limited capital inflows that had resulted in a rapidly depreciating shilling, the bank said in a statement.

"After tackling the immediate fiscal pressures, the focus can now shift to addressing the country's longer-term challenges," said Keith Hansen, World Bank Country Director for Kenya.

The funding package aims to also create a more competitive labour market and strengthen the country's efforts to combat the impact of climate change, the bank said.

Reader comments

Follow Us and Stay Connected!

We'd love for you to join our community and stay updated with our latest stories and updates. Follow us on our social media channels and be part of the conversation!

Let's stay connected and keep the dialogue going!

Latest News For You


x
Join to get instant updates