The World Bank has issued Ksh.4.3 billion grant to Kenya that is aimed to support electrification process. Tthis was revealed by the Head of State on Monday during the launch of the Last Mile Connectivity Project stating that Ksh. 4.3 billion grant from the World Bank is intended to support the electrification process.
However, the President clarified that the Ksh. 4.3 billion grant is not a loan and does not need to be repaid, contrary to speculation. Kenyans have had mixed reactions, with some doubting whether the amount was truly given as a grant or is actually a loan. Others have argued that even during Uhuru's administration, more grants were secured compared to Ruto's government.
SGR Loan Clearance
In the recent past President William Ruto reportedly cleared a Ksh 72 billion loan that was extended to Kenya by China after the alleged receipt of a demand letter.
This development came in response to claims made by Narok Senator, who stated that the country was at risk of failing to meet its international obligations concerning the Ksh. 72 billion.
“$450,000,000 (Ksh 72Billion) Chinese loan for the SGR and Northern and Southern Bypass must be paid tomorrow. The Chinese have sent a demand note! My friend Mr. Kiptoo do we have money or are going to default again?” asked Ledama.
In statements, Treasury Principal Secretary Chris Kiptoo affirmed that the loan utilized for the construction of the Standard Gauge Railway (SGR) has been fully repaid, and the same will be done for other loans as they become due.
“We already settled this debt as we shall do for many others as and when they fall due,” said Kiptoo
The Principal Secretary continued to reassure Kenyans that, under the leadership of President William Ruto, the country will fulfill its obligations and will not default on any loan payments.
“Meanwhile, we need to up the conversation on balancing revenue enhancement measures, debt management, and expenditure rationalization,” he said
