According to a document released on the World Bank website, Kenya and the bank have boosted the amount under negotiation for a prospective budget support loan this fiscal year by a third to $1 billion.
The paper showed that although the Kenyan government had previously stated they were in negotiations for a sum of $750 million, that figure has subsequently been increased.
Requests for comment were not answered by the government or the World Bank.
The board of the bank must still approve the loan. It is anticipated to decide by June 30, the end of Kenya’s current fiscal year.
An agreed-upon policy area is related to the lending instrument, which is a loan for development policy operations.
In 2019, Kenya met the criteria for that kind of funding, and it has since gotten four of them, the most recent of which was in March.
The East African economy is facing numerous difficulties, such as a high debt load, a lack of budgetary room, a drought, and a depreciating currency.