Ruto reaffirms Kenya’s strategic partnership with World Bank

By Robert Mutasi

President William Ruto reiterated Kenya's strategic cooperation with the World Bank toward the creation of Kenya's development docket. 

 In a statement via his social media regard on Wednesday, September 18, 2024, Ruto said there's a need to ensure that the backing policy is concessional while debt sustainability and spanning up are considered in regard to government social interventions.  

The meeting was held at State House in Nairobi and was also attended by World Bank Regional Vice President Victoria Kwakwa, incoming Country Director Qimiao Fan, gregarious Country Director Keith Hansen, Treasury Cabinet Secretary John Mbadi and star Secretary Chris Kiptoo. 

Kenya has looked to the World Bank for loyal support on precedences like infrastructure , financial connection, and social protection programs. 

" The World Bank is a supporter that Kenya trusts in her development docket. It's through similar hookups that we're agitating access to concessional backing, debt sustainability, spanning up of government social interventions among other programmes." Ruto said. 

Lately, the World Bank extended$ 1 billion to Kenya in an attempt to stabilize the financial position of the country and support major policy reforms. 

 These come on the reverse of growing enterprises over public debt and the need to have sustainable backing results for accelerated inclusive and green growth. 

Preliminarily, the government of Kenya had been keen on icing that social programs similar as cash transfers and subventions to vulnerable communities were well financed. 

The deal goes in tandem with the broader thing of perfecting living norms while rooting financial discipline.

In 2021, Kenya secured$ 750 million from the World Bank toward its post-pandemic profitable recovery, especially in job creation and profitable metamorphosis.

 Recent conversations have sought to further cement this cooperation in a shot to ensure that the development undertaken Kenya would indeed be sustainable long into the future. 

 Ruto's administration has been overemphasizing the need that must be felt toward debt sustainability, and the World Bank has come crucial to this through the concessional loans with their lower interest rates and longer prepayment ages. 

 This cooperation is cardinal, considering Kenya is going through complex financial challenges with perpetration instigation of social and profitable reforms.