The National Treasury on Friday, June 16, provided a detailed breakdown of World Bank and International Monetary Fund’s (IMF) aids and loans disbursed since President William Ruto ascended to power.
Ruto’s administration received Ksh87.73 billion from IMF between September 2022 – December 2022.
The money was disbursed in two bunches of Ksh7.81 billion and Ksh54.92 billion.
From the World Bank, the government received Ksh140 billion on May 30 to help the government fund the budget.
“The total cumulative external disbursements from project loans as of June 12, 2023, stood at Ksh170.71 billion.
“By May 19, 2023, Kenya had received a disbursement of Ksh112 billion (USD 800 million) from a syndicated facility,” read the statement in part.
According to Treasury, the country is set to receive another Ksh14 billion in the form of a syndicated facility – offered by multiple lenders- in the coming weeks.
Conversely, Kenya received loans worth Ksh504.37 billion in the 2022/23 financial year, missing out on its Ksh599.34 billion target.
“The principal repayments for FY 2022/23 amount to Ksh236.58 billion. Therefore, the Net Foreign Financing stood at Ksh267.79 billion against a target of Ksh362.76 billion,” Treasury stated.
As of March 31, China was the biggest lender to Kenya under the bilateral agreement, with loans amounting to over Ksh800 billion, followed by Japan at Ksh104 billion.
The country owed IMF Ksh221 billion, raising Kenya’s debt to Ksh9.4 trillion.
While presenting the 2023/24 Budget, Treasury CS, Njuguna Ndung’u, indicated that the country was also expecting IMF funding in the region of Ksh57 billion (USD 410 million) in July 2023.
Ndung’u presented a Ksh3.6 trillion budget, with taxes accounting for Ksh2.5 trillion and Ksh2.9 trillion in taxes and grants combined.
Source-https://www.kenyans.co.ke/
Breakdown of Ruto Ksh87.73 Billion Loans From IMF & World Bank
