Kenya receives Sh80.9 billion loan from World Bank for Covid-19 recovery efforts – Kenyan Business Feed

Statement

WASHINGTON, June 10, 2021 — To reinforce Kenya’s resilient, inclusive and green economic recovery

from the COVIO-19 crisis, re World Bank approved $750 million in development policy financing to support Policy reforms that will strengthen transparency and accountability in public procurement and promote efficient pubic investment spending.

This development policy operation supports measures to improve medium-term fiscal and debt sustainability through greater transparency and efficiency in government spending, building on ongoing Work Bank support to enhance public finance management systems.

The operation provides for the establishment of an electronic procurement platform for the public sector that seeks to make government purchases of goods and services transparent. This will help increase accountability in public spending and reduce opportunities for corruption.

The support also strengthens pubic investment management by seeking cost-savings and applying rigorous selection and monitoring and evaluation criteria to all projects. Both measures are expected to yield fiscal savings of up to $2.6 billion.

“The operation prioritizes reforms in hard hit sectors, such as healthcare, education, and energy, which have been made urgent by the impacts of the COVID-19 crisis,” said Keith Hansen, World Bank Country Director for Kenya.

‘In recognition of the severity of the crisis and need for a comprehensive response, we 8fe supporting the government’s post-COVID-19 Economic Recovery Strategy, which is designed to mitigate the adverse socioeconomic effects of the pandemic and accelerate economic recovery and attain higher and sustained economic growth.”

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