World Bank

The total exceeds the previous $93 billion International Development Association replenishment announced in December 2021.

The study report reveals that in Kenya, 72 per cent of adolescent girls aged 15-19 are currently in school, not employed, childless, and unmarried.

A spokesperson in the World Bank's Kenya office confirmed the talks for new funding, which fell under its "Development Policy Operations" (DPO) with the government.

The World Bank attributes the ongoing vulnerability to the lack of comprehensive social insurance programmes designed to safeguard a broader segment of the population.

In Kenya, the lender says the country has been successful in translating economic growth into poverty reduction, but this progress is unevenly distributed.

The easing commodity prices, according to a majority of the respondents, has made it somewhat more manageable to navigate the increasingly high cost of living.

IMF members can vote to create new issuances of special drawing rights.

At the same time, the IMF's Fiscal Monitor showed global government debt is set to top $100 trillion for the first time this year.

World Bank President Ajay Banga said war damage from Israeli strikes on Gaza is now probably in the $14-20 billion range, and destruction from Israel's bombing of southern Lebanon will add to that regional total.

Most of the countries in the study are in sub-Saharan Africa, from Ethiopia to Chad and Congo, but the list also includes Afghanistan and Yemen.

A recent spot check by the Eastleigh Voice revealed that marginalised players such as bodaboda riders and other non-green energy consumers in outlying counties feel left out in climate action efforts.

Developing countries have been paying bondholders a premium to compensate them for providing financing to borrowers that are perceived to be risky.

In Kenya, data by the Kenya National Bureau of Statistics shows around 3.5 million Kenyan youth are jobless and not in school.

The bank has made proposals it deems fit to improve the situation amongst them; the need to boost the demand for low-skilled workers, adopt climate-smart agriculture, diversify sources of livelihoods, and the need to address women-specific constraints to employment.

The update, which delves into the bottlenecks currently impeding the growth prospects of the market, says the projected extended timelines are due to countries' regulatory hurdles, technical challenges and industry resistance.

In other words, a value less than one indicates a disparity in favour of boys/men, while a value greater than one indicates a disparity in favour of girls/women.

This is amid the substantial financing gaps in low-carbon, climate-resilient investments in emerging economies.

Additionally, ICPC mentioned that while an independent debt audit is underway, development partners can continue funding essential service projects.

A latest debt, macroeconomics, trade and investment update by the World Bank, says the two lenders will jointly remain firm on their push for domestic resource mobilisation beside other debt sustainability measures.

The tough conditions attached to IMF financing have led the citizens of Kenya and other African countries to conclude that a too powerful IMF is the cause of their problems.

The World Bank highlighted the crucial role of the Lamu Emergency Operation Centre (EOC) during the severe flooding and cholera outbreak that hit the region between October and December 2023.

The investigation focused on IFC's oversight of Bridge International Academies regarding systems to prevent and respond to child sexual abuse, as outlined in Sustainability Policy and Performance Standards 1 and 4.

The Djibouti government also accused the World Bank of bias in its assessment, calling the ranking unjustified and unacceptable.

Meanwhile, Kenya's largest port, Mombasa, experienced a decline in its ranking, falling to 328 out of the 348 ports evaluated worldwide.

Kenya's economy is estimated to have grown 5.8% in the first quarter of this year, after 2023 growth of 5.6%.

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.

Ruto highlighted that the frequency of extreme weather events continuously diminishes the resources available for public investment and the provision of critical public goods such as healthcare, education, and other social services.

The Israeli military's heavy aerial bombardment in the aftermath of the attack, and its ongoing ground operations inside Gaza, have reduced many areas of the territory to rubble.

However, the report places Togo as the only country that has enacted legislation that supports women.

He emphasized the importance of conducting public participation before the implementation of any project.