Ruto’s Loan History: IMF and World Bank Funding Unveiled
On Friday, June 16, the National Treasury provided a comprehensive breakdown of World Bank and International Monetary Fund (IMF) aids and loans disbursed since the election of President William Ruto.
IMF provided Ruto’s administration with Ksh87.73 billion between September and December of 2022.
Approximately Ksh7.81 billion and Ksh54.92 billion were distributed.
The government received Ksh140 billion from the World Bank on May 30 to help fund the budget.
“The total cumulative external disbursements from project loans stood at Ksh170.71 billion as of June 12, 2023.
“By May 19, 2023, Kenya had received a disbursement of Ksh112 billion (USD 800 million) from a syndicated facility,” the statement stated.
In the coming weeks, the country will receive an additional Ksh14 billion in the form of a syndicated facility from multiple lenders, according to the Treasury.
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In contrast, Kenya received loans totaling Ksh504.37 billion in the 2022/23 fiscal year, falling short of its target of Ksh599.34 billion.
“The principal repayments for the fiscal year 2022/23 total Ksh236,58 billion. “Consequently, Net Foreign Financing stood at Ksh267.79 billion as opposed to the target of Ksh362.76 billion,” Treasury stated.
China was the largest lender to Kenya under the bilateral agreement as of March 31, providing over Ksh800 billion in loans, followed by Japan with Ksh104 billion.
Kenya owed the IMF Ksh221 billion, bringing its total debt to Ksh9.4 trillion.
During the presentation of the 2023/24 Budget, Treasury CS Njuguna Ndung’u indicated that the country was also anticipating Ksh57 billion (USD 410 million) in IMF funding in July 2023.
Ndung’u presented a budget of Ksh3.6 trillion, with taxes accounting for Ksh2.5 trillion and taxes and grants totaling Ksh2.9 trillion.
Ruto’s Loan History: IMF and World Bank Funding Unveiled
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