Kenya caves in to stiff World Bank terms for cheap loans
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President William Ruto delivers his speech during the opening session of the International Development Association (IDA21) Replenishment Summit at Kenyatta International Convention Centre in Nairobi County yesterday.
Ruto is pushing for more resources, says African leaders will take robust actions to improve fiscal discipline.
Loans from the World Bank come with conditions that range from budget cuts to additional taxation and freeze in public sector pay and hiring
Kenya ascended to become the fourth largest borrower from World Bank’s IDA behind Pakistan, Bangladesh and Tanzania as at June last year.
President William Ruto yesterday agreed to implement the World Bank’s tough financing conditions in return for additional cheap loans from the global financier.
Dr Ruto asked for significant capital injection into the International Development Association (IDA), the World Bank Group’s development finance institution, which offers cheap loans and grants to poor countries, notably in African countries including Kenya.
