The World Bank has approved the first of three budget support packages for Kenya worth Kes 156 billion to help address short-term fiscal pressures and accelerate green policies.
In a statement, World Bank Country Director for Kenya Keith Hansen said the funding had been agreed upon amid an improved macroeconomic environment following government efforts to address liquidity pressures and depressed investor confidence.
As well as limited capital inflows that resulted in a rapidly depreciating shilling.
“After tackling the immediate fiscal pressures, the focus can now shift to addressing the country's longer-term challenges," he said.
Further, the Bank said the funding package aims also to create a more competitive labour market and strengthen the country's efforts to combat the impact of climate change.
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