Ruto Secures Ksh45 Billion from World Bank Moments After Budget Presentation
On Friday, June 16th, Vice President Rigathi Gachagua announced that the World Bank had approved Ksh45 billion for government development programs.
During the Future is Urban conference in Nakuru County, the DP revealed that the funding was approved hours after the Ksh3.6 trillion budget was presented by Treasury Cabinet Secretary Njuguna Ndung’u.
Gachagua explained that the funds would be allocated to specific counties for urban development initiatives.
He did not specify whether the money was a grant or a loan.
“As we unveiled the first budget of the Kenya Kwanza administration, we received encouraging news from Washington, D.C. The World Bank approved approximately 45 billion Kenyan shillings to assist 77 municipalities in 45 counties.
“Two special municipalities, Kakuma and Daadab, were also included,” he said.
Alternatively, he stated that the funds were an endorsement of President William Ruto’s slum upgrading and affordable housing initiatives.
Despite opposition from Azimio la Umoja leaders led by Raila Odinga, he stated that the government remained committed to implementing the Housing Fund plan.
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“The irony of the Washington, D.C., news is that while organizations support urban housing and slum upgrading, some citizens are opposed to the same.
“Now that we have Ksh45 billion from the World Bank, what will they do?” he questioned.
Housing Principal Secretary Charles Hinga, for his part, advocated for increased allocations to counties for urban development projects, emphasizing that the devolved units were solely reliant on external funding.
“This section of the Constitution requires revision. The Senate allocates funds according to Schedule Four. Without funding from the World Bank, we have no funds to allocate,” he stated.
Schedule Four describes the national and county government’s functions.
In addition to the World Bank, the International Monetary Fund (IMF) will contribute Ksh57 billion (USD 410 million) to the 2023/24 budget in July.
During the reading of the Ksh36 trillion budget on June 15, the Treasury CS revealed specifics regarding the planned funding.
Ruto Secures Ksh45 Billion from World Bank Moments After Budget Presentation
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