President Ruto has acknowledged the role the financial and technical support from World Bank and the IMF has played in the country’s development.

“We are especially grateful to the Institutions for their latest assistance — KSh1.8 Trillion and KSh687 Billion, respectively,” – President Ruto remarked. The President was speaking after meeting the World Bank President Ajay Banga on the sidelines of G20 Compact with Africa Conference on “Economic cooperation, promotion of private investment”.

H.E President Ruto expressed gratitude to the World Bank for their support and assistance, emphasizing the significance of the approved loan, along with the assistance from the International Monetary Fund (IMF), in rebuilding financial reserves and managing inflation and debt vulnerabilities.

President William Ruto pledged to utilize the recently approved Sh1.8 trillion loan from the World Bank to positively impact the lives of Kenyans, aiming to address the country’s cost of living and implement the Bottom-Up Economic Transformation Agenda.

The President also emphasized that this financial support will help Kenya navigate economic shocks, accelerate the implementation of the Bottom-Up Economic Transformation Agenda, and foster long-term, inclusive growth.

Kenya is set to receive up to $12 billion (Sh1.8 trillion) in financing from the World Bank Group over three years.

The commitments from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) stand at $8.3 billion (Sh1.24 trillion), with a portion of $4.4 billion (Sh660 billion) available for disbursement.

The International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) are among the Bank’s five institutions.

They are anticipated to provide around $4.5 billion (Sh675 billion), including rapid-disbursing operations, to support Kenya.