[Jonah Onyango, Standard]The World Bank has disbursed $750 million (Sh80.2 billion) to Kenya, pushing the global lender’s loans to the country in the last one year to Sh1.098 trillion. By end of March last year, the World Bank’s loans were estimated at Sh801.2 billion but this has since surged to Sh1.1 trillion, according to official data. Kenya, which just read its budget for the 2021-22 financial year, will also use the funds to increase accountability in public spending and reduce opportunities for corruption, the World Bank said in a statement yesterday. Both measures, he said, are expected to yield fiscal savings of up to $2.6 billion (Sh278.2 billion). The World Bank money, known as development policy financing, will also be used to reinforce Kenya’s green economic recovery from the Covid-19 crisis.

Source: Standard Digital June 12, 2021 08:26 UTC