Kenya has received more financial assistance from the World Bank to relieve strain on its public finances, decrease borrowing rates, and support crucial economic reforms.
On Tuesday, the global lender announced the approval of a $750 million budget support package as well as a sustainability-linked credit facility aimed at reducing Kenya's reliance on costly domestic borrowing while boosting fiscal stability.
The fiscal support is supplied through a Development Policy Operation (DPO), which includes $340 million from the International Bank for Reconstruction and Development (IBRD) and $410 million in concessional financing from the International Development Association (IDA).
Kenya's latest clearance represents the country's seventh Development Policy Operation since joining the program in 2018.
Kenya has been dealing with escalating debt commitments and recurring budget deficits, putting further strain on government resources.
