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The World Bank has approved a $750 million (Sh97.1 billion) loan to Kenya to support budget financing and reforms, offering relief amid strained external funding after IMF support stalled.
Kenya spends nearly three times more government revenue on external debt repayments than health, with a new report accusing the IMF of promoting austerity that limits investment in public services.
Without Kenya's consent, the report stays secret. And without the report's completion, there is no new IMF programme.
The IMF has secured a major legal victory after the High Court struck it out of a landmark petition challenging the legality of Kenya’s Sh7 trillion public debt.
The findings show that CBK's key forecasting framework overstated some economic risks, misclassified climate shocks and moved away from global best practice.
CBK Governor Thugge reveals the global lender is yet to disburse a Sh96.9 billion loan under its development policy operation.
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